TEGNA pronounces $300M ASR, hikes dividend by 20% after merger termination with Commonplace Common By Investing.com
© Reuters. TEGNA pronounces $300M ASR, hikes dividend by 20% after merger termination with Commonplace Common
TEGNA (TGNA) shares rose round 3% after-hours following the corporate’s introduced $300 million accelerated share repurchase (ASR) program and a 20% dividend hike. This follows the termination of the corporate’s merger settlement with an affiliate of Commonplace Common L.P. The corporate is entitled to obtain a termination charge of $136M from Commonplace Common.
The corporate will enter right into a $300M ASR settlement with JPMorgan Chase Financial institution, which will likely be funded by means of money available ($683M on the finish of Q1/23) and is predicted to be accomplished by the top of Q3/23.
The corporate hiked its quarterly dividend by 19.7% to $0.11375 per share, or $0.455 annualized, for an annual yield of two.9%. The dividend will likely be payable on July 3, 2023, to stockholders of document on June 9, 2023, with an ex-dividend date of June 8, 2023.
Earlier this month, the corporate reported its Q1/23 earnings, highlighted by in-line EPS and income miss.
The corporate will host an investor name to debate its Q1 outcomes and can present steerage for the Q2 and full 12 months on Could 25, 2023, at 10:00 a.m. (ET).
By Davit Kirakosyan