$1bn stock repurchase and corporate name change for Hilton
The Board of Directors of Hilton Worldwide Holdings Inc has announced a major stock repurchase programme, its quarterly dividend and a corporate name change.
The Board has authorised a stock repurchase programme of up to $1 billion of the company’s common stock, and also declared a quarterly dividend of $0.15 per share of Hilton’s common stock, payable on 31 March 2017 to stockholders of record as of 10 March 2017.
In addition, the company’s Board of Directors has approved changing the company’s corporate name to “Hilton Inc.” effective 6 March 2017. The company’s common stock will continue to trade on the New York Stock Exchange under the symbol ‘HLT’.
Hilton may purchase shares in the open market, in privately negotiated transactions or in such other manner as determined by Hilton, including through repurchase plans complying with the rules and regulations of the Securities and Exchange Commission.
The amount and timing of any repurchases made under the stock repurchase programme will depend on a variety of factors, including available liquidity, cash flow and market conditions.
The stock repurchase programme does not obligate Hilton to repurchase any dollar amount or number of shares of common stock and the programme may be suspended or discontinued at any time.