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Article: Servico Announces Share Buyback Program.
- Article from:
- Business Wire
- Article date:
- June 19, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 19, 1998--Servico, Inc. (NYSE:SER), a nationwide owner and operator of hotels, today announced that it will repurchase up to 3,000,000 shares of its outstanding common stock from time to time.
The shares will be purchased in the open market depending on market conditions and will be purchased using current cash balances and internally generated funds. The purchases will be made in accordance with SEC regulations governing issuer repurchases.
"We believe that Servico's stock is significantly undervalued and does not reflect the inherent value of our Company," noted David Buddemeyer, Servico's President ...