14 May 1998: Libbey Inc., a maker of glass tableware, said it could buy back up to 875,000 shares, or about 5% of its outstanding stock. Libbey, which reportedly has 17.6 million shares outstanding, i…
14 May 1998: Libbey Inc., a maker of glass tableware, said it could buy back up to 875,000 shares, or about 5% of its outstanding stock. Libbey, which reportedly has 17.6 million shares outstanding, is expected to repurchase the shares in the open market and negotiated purchases. The company said the timing of any share repurchases will depend on market conditions and repurchases will be in amounts as deemed advisable. “It is appropriate and prudent to have this well-accepted tool available to increase shareholder value,” said Libbey“s chief executive, John Meier, in a statement. “Our time horizon is long term, and we have adequate financial flexibility given our strong cash flows and debt repayment track record.”