Ebix Reveals Three-for-one Stock Split And Larger Buyback

By Jennifer BootonMarketsMarketWatch Pulse

Ebix Inc. announced a three-for-one stock split on Monday, and revealed plans to increase the company's authorized buyback plan to 200 million shares from 60 million previously. The company said the split and higher buyback authorization are an effort to increase its financial flexibility and improve the company's trading liquidity, so that it can focus on future mergers and acquisitions. Shares of Ebix were inactive in premarket trade but have risen more than 35% over the last three months, outperforming the S&P 500's 7% increase. The stock split would represent the third three-for-one split that Ebix has authorized since 2008. Ebix expects the split to be effective around July 15.

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