Jones Lang LaSalle plans to buy back up to $10m of its own shares. JLL’s board has approved the buy-back in which it will purchase up to 1.2m shares up to an aggregate value of $10m and a per share purchase price of not more than $15.
JLL chairman and chief executive London-based Stuart Scott said that the stock price undervalued the prospects for the business. “We believe that the current market price of our shares does not reflect the value of our global platform and thus believe the repurchase of shares to be a good use of some of our capital.”
The purchases will also partly offset dilution resulting from stock and stock option grants made under the company plans. JLL shares were trading at $13.25 per share at the time of the announcement but have been as low as $11 in the past year. Their peak was just over $16 in February.
