BXC - BlueLinx increases stock buyback authorization to $100M

BlueLinx (NYSE:BXC) said Tuesday it increased its share repurchase authorization to $100M, up $75M from its prior authorization. The amended repurchase authorization expires at FY23-end. Through the end of Q1, BXC repurchased 81.3K shares under the program for $6.4M. BXC also inked an accelerated share repurchase agreement with Jefferies to repurchase $60M of BXC stock under the $100M share repurchase authorization. BXC will make an initial payment of $60M with an initial delivery of ~553.6K shares. The deal is expected to be completed in H2 of 2022.

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BlueLinx increases stock buyback authorization to $100M