Slot company expands share buyback

Friday, March 17, 2000 | 11:15 a.m.

Anchor Gaming Inc. announced plans Thursday to repurchase up to 1 million shares of its common stock, representing about 8 percent of its outstanding shares.

The share buyback comes on the heels of heavy repurchasing activity by the Las Vegas slot maker earlier this year. Since Dec. 31, Anchor repurchased 310,000 shares -- the balance of shares authorized by an earlier repurchase plan -- for $12.1 million, an average of $38.89 per share.

Repurchases will be made through open market purchases, block transactions and privately negotiated purchases, Anchor said.

"Approving an expanded stock repurchase plan demonstrates the confidence of the board of directors in Anchor Gaming's future," said T.J. Matthews, chief executive of Anchor.

Anchor had 12 million shares outstanding as of Feb. 14. Its shares are trading well below its 52-week high of $64.44.

archive