Mercer International Announces Dividend Increase and Stock Repurchase Program
On May 2, Mercer International Inc. (MERC) made two big announcements for shareholders. First, the Board of Directors authorized a 10% increase in the company’s quarterly dividend. Shareholders of record on June 24 will receive a dividend of $.1375 per share on July 3. Second, the Board of Directors authorized a new $50 million share repurchase program that will be active over the next 12 months.
Sonal detected the news event and issued an alert at 4:35 pm. The next trade took place at 4:47 pm for $14.50. Mercer International’s stock price spiked higher at the open of regular market trading the next morning. Following a small fade, the price pushed higher throughout the rest of the day. The stock closed at $17.40 for an event-day gain of 20%.
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