by Christopher Freeburn | August 27, 2012 11:06 am
AOL (NYSE:AOL) announced on Monday that it will speed up plans to return $1.1 billion to its shareholders.
Company officials said that they will repurchase $600 million in shares, building on previously authorized buyback plans. AOL will also issue a special dividend of $5.15 a share on December 14, Fox Business noted.
Shares of AOL rose about 2% in early Monday morning trading.
Last month, the company posted second quarter earnings that reversed last year’s loss and exceeded Wall Street estimates, while revenues slipped by the lowest percentage in years, also beating expectations. Several weeks ago, the Internet pioneer announced a $550 million share repurchase program.
Company officials said that the fixed-dollar collared accelerated stock repurchase agreement will be run under an agreement with Barclays (NYSE:BCS).
The special dividend will be paid to shareholders of record on December 5.
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