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Strategies & Market Trends : Investing for the January Effect 2000 -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (62)	12/28/1999 10:37:00 PM
From: GBT	Read Replies (1) \| Respond to of 109

This is the PR that I was quoting from, but the operative word I guess is may. Lennox International Announces Stock Buy-Back Plan; Provides Additional Information Regarding Service Experts Acquisition PR Newswire - November 02, 1999 08:46 DALLAS, Nov. 2 /PRNewswire/ -- Believing their stock is "substantially undervalued" in the current market -- according to chairman and CEO John Norris -- Lennox International Inc. (NYSE: LII) announced a two-phase stock buy-back plan. Lennox' Board of Directors authorized management to repurchase, depending on market conditions and other factors, up to 5 million Lennox shares. This may include up to 2 million shares before the closing of the previously announced acquisition of Service Experts, Inc., (NYSE: SVE) with the remainder to be acquired after the closing of the acquisition. Lennox anticipates closing its acquisition of Service Experts in first quarter 2000. (For more information, see the 10/27/99 press release "Lennox International Acquires Service Experts, Inc.") "We believe that Lennox represents an attractive investment opportunity," said John Norris. "As Lennox moves forward, we will reap the benefits from recent investments, including the proposed acquisition of Service Experts, which will only enhance our value. "The stock repurchase program is one of several initiatives we will pursue to increase our long-term shareholder value, including growing our existing businesses and pursuing selective acquisitions," he added. "It reinforces our commitment to increasing shareholder value and our continued confidence in the underlying strength of the company." Purchases under the share repurchase program will be made on an open- market basis at prevailing market prices. The timing of any repurchases will depend on market conditions, the market price of Lennox' common stock, and management's assessment of the company's liquidity and cash flow needs.