ERJ staff report (R&PN)
Novi, Michigan -- Cooper-Standard Holdings Inc., the parent company of Cooper Standard Automotive, has approved a securities repurchase program.
Under the arrangement, the company would be allowed to repurchase, in the aggregate, up to $25 million of its outstanding common stock, 7 percent cumulative participating convertible preferred stock or warrants to purchase common stock.
Under the program authorised by the board of directors, repurchases may be made on the open market or through private transactions, as determined by the company's management and in accordance with prevailing market conditions and Securities and Exchange Commission requirements.
Cooper-Standard said it expects to fund all repurchases from cash on hand and future cash flows from operations.
The company is not obligated to acquire a particular number of securities, and the program may be discontinued at any time at Cooper-Standard's discretion.
From Rubber & Plastics News (A Crain publication)