DOWNERS GROVE -- DeVry Education Group's board of directors approved the company's tenth share repurchase program, which allows DeVry Group to repurchase up to $300 million of its common stock through Dec. 31, 2020.
In conjunction with the new program, which replaces DeVry Group's previously approved $100 million share repurchase authorization, the company will cease its biannual cash dividend payment.
"The significant expansion of our share repurchase program reflects our improved financial performance and our board's confidence in our strategic direction as well as our focus on delivering increased returns to our owners," said Lisa Wardell, president and CEO of DeVry Education Group. "We remain committed to balancing our capital allocation efforts with the goal of enhancing academic quality, supporting our growth objectives and consistently delivering value to our shareholders."
The timing and amount of any repurchase will be determined by management and the board based on evaluation of market conditions and other factors. These repurchases may be made through the open market, including block purchases, in privately negotiated transactions, or otherwise. The repurchases will be funded through available cash balances and/or borrowings, and may be suspended or discontinued at any time.