Dana Announces $200 Million Accelerated Share Repurchase Agreement
MAUMEE, Ohio, Aug. 12, 2013
MAUMEE, Ohio, Aug. 12, 2013 /PRNewswire/ --Dana Holding Corporation (NYSE:
DAN) today announced that it has entered into an Accelerated Share Repurchase
agreement (ASR) with JPMorgan Chase Bank, National Association, whereby Dana
will purchase $200 million of its outstanding shares of common stock.
At the inception of the ASR, Dana will receive approximately 7.3 million
shares. The total number of shares ultimately purchased will be based on the
share price of Dana's common stock over the averaging period set forth in the
agreement. The ASR is expected to be completed before the end of this year.
Including the initial 7.3 million common shares received under the ASR, Dana
will have reduced its number of common share equivalents by more than 34
million, returning approximately $775 million to shareholders under its $1
billion share repurchase program. Share repurchases utilizing the remaining
$225 million under this program may occur from time to time in the open market
or through privately negotiated transactions and are subject to prevailing
market conditions and other considerations.
Certain statements and projections contained in this news release are, by
their nature, forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based on
our current expectations, estimates and projections about our industry and
business, management's beliefs, and certain assumptions made by us, all of
which are subject to change. Forward-looking statements can often be
identified by words such as "anticipates," "expects," "intends," "plans,"
"predicts," "believes," "seeks," "estimates," "may," "will," "should,"
"would," "could," "potential," "continue," "ongoing," similar expressions, and
variations or negatives of these words. These forward-looking statements are
not guarantees of future results and are subject to risks, uncertainties and
assumptions that could cause our actual results to differ materially and
adversely from those expressed in any forward-looking statement.
Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q,
recent Current Reports on Form 8-K, and other Securities and Exchange
Commission filings discuss important risk factors that could affect our
business, results of operations and financial condition. The forward-looking
statements in this news release speak only as of this date. Dana does not
undertake any obligation to revise or update publicly any forward-looking
statement for any reason.
About Dana Holding Corporation
Dana is a world-leading supplier of driveline, sealing, and thermal-management
technologies that improve the efficiency and performance of passenger,
commercial, and off-highway vehicles with both conventional and
alternative-energy powertrains. The company's global network of engineering,
manufacturing, and distribution facilities provides original-equipment and
aftermarket customers with local product and service support. Based in Maumee,
Ohio, Dana employs more than 23,000 people in 26 countries and reported 2012
sales of $7.2 billion. For more information, please visit www.dana.com.
SOURCE Dana Holding Corporation
Contact: Investor Contact - Craig Barber, +1-419-887-5166, or Media Contact -
Jeff Cole, +1-419-887-3535
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