(RTTNews) - Office Depot Inc. (ODP) said Wednesday that its board has approved a feasibility review to implement a holding company reorganization. The reorganization is expected to be completed by the end of the first quarter of 2020.
If implemented, the reorganization is anticipated to create a new holding company, The ODP Corporation, that will become the new parent company of Office Depot and will replace Office Depot as the public company trading on Nasdaq under Office Depot's current ticker symbol "ODP".
The company said its board approved an increase in the authorization of its existing stock repurchase program to $200 million and an extension of the program until the end of 2021.
The new authorization includes the remaining authorized amount under the company's previous stock repurchase program. So, the company will have about $190 million available for share repurchases.
The company declared a dividend of $0.025 per share on its common stock. The dividend is payable on December 13, 2019, to shareholders of record at the close of business on November 22, 2019.
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