FORT LAUDERDALE, Fla., Aug. 25 /PRNewswire/ -- Republic Industries, Inc.
(NYSE: RII) today announced that its Board of Directors has authorized the
repurchase of up to $500 million of the Company's common stock. The stock
repurchase program will be conducted over the next 12 months.
Republic said it would repurchase its common stock, from time to time,
through open market purchases or in negotiated private transactions. The
Company said it will base repurchase decisions on such factors as the stock
price, general economic and market conditions, and the status of the Company's
on-going acquisition strategy. Merrill Lynch & Company will administer the
repurchase program.
Commenting on the repurchase program, Republic President and Co-Chief
Executive Officer Steven R. Berrard, said, "The Board of Directors and the
senior management team of Republic Industries believe that this announcement
reinforces our confidence in the financial strength of the Company and our
ability to provide value for the shareholders."
Republic Industries, Inc. operates subsidiaries in the automotive
retailing, automotive rental and solid waste industries. The Company owns the
nation's largest group of franchised automotive dealerships and operates the
AutoNation USA used vehicle megastore chain. Republic also owns and operates
National Car Rental Systems, Inc., Alamo Rent-A-Car, and CarTemps USA.
SOURCE Republic Industries, Inc.