Dunkin’ Brands Group, Inc. (Nasdaq: DNKN), the parent company of Dunkin’ Donuts (DD) and Baskin-Robbins (BR), today announced that its Board of Directors has approved a new program for the repurchase of up to $250 million of the Company’s common stock.
“Our asset-light, fully franchised business model has allowed us to return over $2.65 billion to shareholders in the form of share repurchases and dividends since we became a public company in 2011,” said Kate Jaspon, Chief Financial Officer, Dunkin’ Brands. “This new authorization demonstrates our continued commitment to using our strong balance sheet to return capital to our shareholders.”
Repurchases under the new program may be made at management’s discretion from time to time on the open market or through privately negotiated transactions. The authorization is good for a period of two years.
As previously announced, in February 2018, the Company entered into an agreement for the repurchase of an aggregate of $650 million of its outstanding common stock through an accelerated share repurchase program and received an initial delivery of approximately 8.5 million shares. Final settlement of the accelerated share repurchase program is expected to be completed in August 2018. The Company had approximately 83 million shares of common stock outstanding as of May 4, 2018.
About Dunkin’ Brands Group, Inc.
With more than 20,000 points of distribution in more than 60 countries worldwide, Dunkin’ Brands Group, Inc. (Nasdaq: DNKN) is one of the world’s leading franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. At the end of the first quarter 2018, Dunkin’ Brands’ 100 percent franchised business model included more than 12,500 Dunkin’ Donuts restaurants and more than 7,900 Baskin-Robbins restaurants. Dunkin’ Brands Group, Inc. is headquartered in Canton, Mass.
SOURCE Dunkin’ Brands Group, Inc.