Milwaukee-based Assisted Living Concepts Inc. announced that its board of directors has authorized an increase of its common stock repurchase program by $20 million.
The program, initially announced on Dec. 14, 2006, was amended to increase the maximum amount authorized to be expended from $20 million to $40 million. ALC has repurchased approximately 2.2 million shares of its Class A common stock under the repurchase program at a cost of $20.4 million.
Laurie Bebo, president and chief executive officer of ALC, said, "We believe the recent turbulence in the financial markets provides an excellent opportunity for us to repurchase our common stock at attractive prices. Our strong balance sheet allows us to pursue this opportunity while continuing to execute on other strategic initiatives, including our previously announced expansion project and future acquisitions."
ALC may repurchase its shares in the open market or in privately negotiated transactions from time to time in accordance with appropriate federal guidelines. ALC expects to obtain the funds necessary to conduct its repurchase program through a combination of cash on hand and existing bank facilities.
ALC operates 208 assisted living residences with capacity for more than 8,400 residents in 17 states.
Assisted Living Concepts expands stock repurchase program
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