Teekay Tankers sets $45 million program to buyback shares

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Teekay Tankers Ltd.












TNK, +1.41%










said Friday it has launched a $45 million stock repurchase program. At Thursday’s stock closing price of $1.44, the program would allow the company to buy back 31.25 million shares, which represents 19% of the shares outstanding. “This program is being put in place as another lever to create shareholder value, allowing us to opportunistically take advantage of dislocations in the capital markets when we have excess capital,” said Chief Executive Kevin Mackay. The stock, which was inactive in premarket trade, has tumbled 36.3% year to date, while the S&P 500












SPX, -0.11%










has gained 11.5%. Separately, the tanker operator has entered into an agreement with its second largest shareholder, Huber Capital Management LLC, in which Huber will vote its shares in favor of increasing the authorized number of shares outstanding to permit more issuance so the company can complete its proposed merger with Tanker Investments Ltd.

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