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Oct. 26, 2012 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced its Board of Directors has approved a share repurchase program for up to
$250 million of its currently outstanding shares of common stock. Dana plans to repurchase its shares either in the open market or through privately negotiated transactions over the next two years.
The stock repurchase is subject to prevailing market conditions and other considerations. The company has sufficient liquidity to support this initiative and plans to utilize its excess cash for the program.
"This program reflects strength in our balance sheet, confidence in the long-term prospects of our business, and commitment to delivering value to our shareholders," said
Roger J. Wood, Dana president and chief executive officer.
Additionally, Dana announced that its Board of Directors has declared a dividend on its common stock. The Board declared a quarterly dividend of
$0.05 per share, payable
Nov. 30, 2012, to holders of Dana common stock as of
Nov. 9, 2012.
The Board of Directors also authorized the payment of a dividend to shareholders of 4.0 percent Series A Convertible Preferred Stock and 4.0 percent Series B Convertible Preferred Stock. A cash payment of
$1.00 per share representing a quarterly dividend for the quarter ended
Sept. 30, will be payable on
Nov. 26, 2012, to preferred shareholders of record as of the close of business on
Nov. 2, 2012.
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.