Cannae Holdings increases share repurchase program

Cannae Holdings (CNNE) announced that its board of directors has authorized a new stock repurchase program, effective March 6, under which the company may repurchase up to 10M shares of its common stock, in addition to the 4.9M shares remaining under Cannae’s prior authorizations, for an aggregate share buyback authorization of 14.9M shares. The company has 46.4M shares outstanding. The company said, “The Board continues to be unsatisfied with Cannae’s current share price and believes that it does not reflect the intrinsic value of the Company’s assets or the long-term potential of the platform. Based on feedback from shareholders, the Board is expanding its commitment to capital returns and increasing its share repurchase authorization to provide management with more flexibility to buy back shares in the short term and as the Company generates liquidity through the sale of non-core assets. The increased authorization demonstrates Cannae’s focus on maximizing shareholder value and taking action to increase Cannae’s share price.”