Yellow to Buy Back Stock
Yellow Corp. has joined the growing list of trucking companies that are buying back their stock, announcing June 23 its intention to spend up to $25 million in the repurchasing program.
As of March 31, Yellow had about 25.3 million common shares outstanding, fully diluted, spokesman Roger Dick said.
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The plan has no limit in terms of time or the number of common shares. Repurchases are to be made both through open market trading and private placements, said a company spokesman.
This is the second major repurchase plan for Yellow in 18 months. One of the Big Four national less-than-truckload carriers, the company in Overland Park, Kan., bought back 3.8 million common shares from December 1998 through April 1999. During that time, the stock traded from a low of $16 to a high of $19.25.
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