Goodyear Boosts Dividend
September 15 2016 - 10:10AM
Dow Jones News
Goodyear Tire & Rubber Co. said Thursday that it would
return up to $4 billion to shareholders and boosted its dividend,
as the tire maker faces an activist investor.
Goodyear said it would increase its quarterly dividend to 10
cents a share, up from 7 cents previously. The company also
reaffirmed its previously issued 2016 financial guidance.
Activist investor Marcato Capital Management LP has pushed
Goodyear to return $4.5 billion to investors over the next three
years in a bid to boost the tire giant's flagging stock price.
In a letter to the Goodyear's board earlier this month, the
activist hedge fund says it has been "impressed" by Goodyear's
management and recent performance, but lamented its then
languishing stock.
Shares rose 2.9% in premarket trading and were already up 5%
this month.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 15, 2016 09:55 ET (13:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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