Summary
ONEOK, Inc. (OKE) announced on November 17, 2005, that its Board of Directors has authorized an additional repurchase of up to 7.5 million shares of its outstanding common stock. This expands the company's existing stock repurchase program. The repurchases will be executed at the company's discretion through open market transactions or privately negotiated deals, taking into account market conditions. The authorization is valid for two years from the announcement date, unless extended by the Board. This move signals management's confidence in the company's value and its commitment to returning capital to shareholders.
Key Highlights
- 1ONEOK, Inc. Board of Directors authorized an additional stock repurchase of 7.5 million shares.
- 2This action expands the company's existing stock repurchase program.
- 3Repurchases will occur in open market transactions or privately negotiated transactions.
- 4The company will execute repurchases at its discretion, considering market conditions.
- 5The stock repurchase program is authorized for a period of two years.
- 6The program may be extended by the Board beyond the initial two-year term.