Jones Lang LaSalle (JLL) is to buy back up to US$10m (£6.94m) of its shares, after saying the US stock market undervalued the business.
This afternoon, the US-listed firm announced that its board had approved the buy back of up to 1.2m shares at an aggregate purchase price of not more than US$10m and at no more than US$15 per share.
The firm said in a statement that it would buy shares on the open market and in privately negotiated transactions, depending on market conditions.
JLL said “Management believes that the current market price of Jones Lang LaSalle shares undervalues the long-term prospects for the business.” It added that the purchases were also intended to offset dilution resulting from share options granted to directors and staff.
Chairman and chief executive Stuart Scott said: “We are very pleased with our performance in 2000, which evidenced the strength of our business. We believe that the current market price of our shares does not properly reflect the value of our global platform and thus believe the repurchase of shares to be a good use of some of our capital.”
JLL shares were up 4.5% to £13.25 today
EGi News 26/02/01
