NIKE, Inc. Announces New $5 Billion Share Repurchase Program
NIKE, Inc. (NYSE: NKE) today announced that its Board of Directors has approved a new four-year, $5 billion program to repurchase shares of Nike’s Class B Common Stock. The new program will commence upon the completion of the Company’s current $3 billion share repurchase program.
"We are pleased to extend Nike’s track record of returning value to shareholders through sustained share repurchases,” said Mark Parker, NIKE, Inc. President and CEO. “Over the past 10 years, NIKE, Inc. has returned $5.5 billion to shareholders through the repurchase of more than 157 million shares. This new share repurchase program demonstrates our continued confidence in Nike’s long-term growth prospects and financial strength.”*
Repurchases under NIKE, Inc.’s new program will be made in open market or privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. This share repurchase plan does not obligate NIKE, Inc. to acquire any particular amount of common stock, and it may be suspended at any time at the Company’s discretion. NIKE, Inc. had approximately 492.4 million shares of Class B Common Stock outstanding as of August 31, 2008.
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