Wednesday, June 20, 2007
Two big stock buybacks were announced yesterday: Expedia and Home Depot. Expedia will buy back one-third of its outstanding shares; after the buyback, Chair Barry Diller will control 41% of the stock. Home Depot increased its buyback program by $22.5 billion, financed by the sale (to a consortium of private equity firms) of a supply unit that was associated with its former CEO Nardelli, cash on hand, and sale of $12 billion in notes. See NYTimes, Big Buyback of Shares Is Set by Expedia and Home Depot Sells a Unit That Never Fit.