Fresh Del Monte Produce Inc. Announces Adoption Of Share Repurchase Plan To Repurchase 500,000 Of Its Ordinary Shares
Portfolio Pulse from Benzinga Newsdesk
Fresh Del Monte Produce Inc. (NYSE:FDP) has announced that its Board of Directors has approved a share repurchase plan. The company may repurchase up to 500,000 of its Ordinary Shares through various methods. The plan has no time deadline and will continue until modified or terminated by the Board of Directors. The actual amount repurchased will depend on various factors including market conditions and liquidity needs.
November 02, 2023 | 1:26 pm
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Fresh Del Monte's announcement of a share repurchase plan could potentially increase the company's stock price in the short term as it indicates the company's confidence in its own stock.
Share repurchase plans often lead to an increase in the stock price as they reduce the number of shares in circulation, potentially increasing earnings per share. Additionally, it signals the company's belief that its stock is undervalued, which could boost investor confidence.
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