Loews Chief Tisch Says He Favors Cash, Stock Repurchases Over Acquisitions
Loews Corp. (L), the company run by New York’s Tisch family, said it prefers to buy back shares rather than pursue acquisitions at a time when there are few purchase opportunities and the economic outlook is “not clear.”
“There really aren’t a lot of properties or assets that are for sale at prices that I think would be attractive for Loews shareholders,” Chief Executive Officer James Tisch said today in a conference call. “We’re happy to repurchase shares and we’re happy to have significant amounts of cash on our balance sheet. So we don’t feel any strong urge or itch to go out and do a big deal.”
To contact the reporter on this story: Andrea Ludtke in New York at aludtke@bloomberg.net
To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net
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