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In making any repurchases, the company (a) intends to be opportunistic and will evaluate potential repurchases based on the market's valuation of the company stock, available acquisition opportunities, indebtedness and other factors; (b) may use available borrowings under its credit facilities to pay for all or part of the cost of repurchasing shares; and (c) will either retire or keep all repurchased shares as treasury shares.
Share repurchasing is an integral part of Anheuser-Busch's long- standing program to enhance shareholder value through the efficient utilization of its substantial cash flow from operations," said Stokes.
To enhance stockholder value on a going-forward basis, we are initiating a balanced strategy of growing our core businesses, repurchasing our common shares and pursuing accretive acquisitions to strengthen our market position and financial performance.
The Bank originally commenced repurchasing shares in August 2000 and as of September 3, 2002, the Bank had repurchased 2,159,151 shares at a weighted average price of $12.
As a result, we intend to continue repurchasing stock in the open market.