DUNSTABLE (dpa-AFX) - Whitbread (WTB.L) said it intends to return at least 2.5 billion pounds to shareholders, following the sale of Costa for 3.9 billion pounds. Whitbread began an initial share buyback programme in January, which seeks to repurchase up to 500 million pounds of shares by the end of April 2019.
Following this share buyback programme, Whitbread intends to pursue a tender offer to repurchase up to a further 2 billion pounds of shares. Whitbread said it seeks to complete this tender offer following a vote from shareholders to be conducted alongside the Annual General Meeting on 19 June 2019.
Whitbread said it now has clear long-term network potential of over 170,000 rooms Across the UK & internationally.
Whitbread sees potential for at least 110,000 rooms in the UK.
Whitbread noted that its scale and control of its operations also enables extension of its successful efficiency programme. Following the delivery of over 150 million pounds savings over the last three years, two years earlier than planned, Whitbread is targeting a further 220 million pounds, which includes 120 million pounds of operating cost savings and 100 million pounds of capital cost savings over the next three years.
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