Pilgrim's Pride Corporation (NASDAQ:PPC) has announced that its board of directors has approved an increase of the existing share repurchase authorization for its common stock over the next 12 months to $300 million from $150 million previously, reinforcing the company's commitment to creating shareholder value and the strength of Pilgrim's balance sheet and operating cash flow. The new repurchase authorization will expire one year from today.
The company plans to implement its stock repurchase program through various means, which may include but are not limited to open market purchases, privately negotiated transactions, the use of derivative instruments and/or accelerated share repurchase programs. The extent to which Pilgrim's Pride repurchases its shares and the timing of such repurchases will vary and depend upon market conditions and other corporate considerations, as determined by the company's management team. Pilgrim's Pride reserves the right to limit or terminate the repurchase program at any time without notice.