Discover approves $1.1 billion stock buyback
RIVERWOODS - Discover Financial Services said Wednesday its board of directors approved a $1.1 billion share repurchase program, having suspended share repurchases since March in response to the economic recession.
The new stock-buyback program expires on Dec. 31 and can be terminated at any time, the company said.
The company expects to repurchase shares from time to time subject to the company's repurchase program limit, its capital plan, market conditions and other factors, including legal and regulatory restrictions and required approvals, if any. The timing and exact amount of repurchases under the new repurchase program will be based on market conditions and other factors, Discover said.
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