A lot of folks thought Ambac was headed for BK; instead, they just announced a $50 million share buyback. There may be hope yet for DFR and AFN!
NEW YORK --(BUSINESS WIRE)--
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today that its Board of Directors has authorized up to $50 million for share repurchases of its common stock. The repurchase of shares under the Stock Repurchase Program is conditioned up the completion of the offering of shares by the underwriters of its March 2008 offering. We are unable to predict when the offering will be completed.
Ambac President and Chief Executive Officer, Michael Callen, stated, "The Board of Directors of Ambac believes that share buyback, when permitted under regulatory rules and corporate policy, represents a good investment of our capital and reinforces our confidence in the long-term stability of our company."