Equipment renter United Rentals Inc. said Tuesday it will launch a modified "Dutch auction" tender offer to buy back up to 27.16 million of its shares for up to $679 million. The company plans to repurchase the shares -- which represent about 31.4 percent of its total outstanding stock -- for between $22 and $25 each, a premium of 13 percent to 28 percent over the stock's closing price of $19.50 on Monday. A modified "Dutch auction" offer allows shareholders to indicate how many shares and at what price within the company's specified range they wish to tender. United Rentals also said it repurchased all its outstanding series C and series D preferred stock, most of which was held by Apollo Investment Fund IV LP and Apollo Overseas Partners IV LP, for about $679 million. The buyback prohibits former preferred shareholders from tendering any common stock they hold. In addition, Leon Black and Michael Gross -- both company directors elected by the former preferred stockholders in relation to terms of the series C preferred shares -- have resigned. United Rentals said that in connection with the share buybacks it began a new $1.25 billion asset-based loan facility and paid back about $464 million outstanding under a revolving credit facility and term loan. United Rentals issued the former preferred shareholders $425 million worth of 14 percent notes due 2014 as a partial payment for the preferred stock. The company said it will fund the balance needed for the share buybacks, repayment of its old credit facility and term loan and related fees and expenses with existing cash and about $800 million of borrowings. The company believes that, excluding a charge of about $235 million related to the preferred stock buyback, the common share repurchases will add to earnings per share. The stock trades for 5.5x cash flow.

Kaiser Aluminum Corp. said recently its board authorized a share repurchase of as much as $75 million. Repurchases, which may be made in the open market or handled privately, will not begin until after July 6 and will continue for an estimated 18 months, subject to market conditions. "Our $244 million organic growth program provides additional capacity to address growing demand for aerospace and high strength plate products and will leverage new efficiencies in several of our value streams," Chief Executive Jack A. Hockema. The stock trades for 6x cash flow.

United Technologies Corp. said Wednesday its board of directors approved the buyback of up to 60 million shares of common stock, worth about $4 billion. The authorization replaces a previous program approved in 2006 that was nearing completion. The company said it repurchased $2 billion of its shares during 2007 and expects 2008 repurchases to total $2 billion. The company has about 973 million shares outstanding. The stock trades for 8x cash flow.

Cogent Communications Group Inc., a broadband technology supplier, said recently it will buy back up to $50 million in shares. The program is in addition to a $50 million program authorized by the board in August 2007.

NEI, a leading provider of server appliance products and services for storage, security and communications software vendors, recently announced that its Board of Directors has authorized the repurchase of up to $5 million of its common stock from time to time on the open market or in non-solicited privately negotiated transactions. The stock trades for 8x cash flow.

The leading manufacturer of GPS products said that it will buy back 10 million shares of common stock by December 31, 2009. The timing and amount of the repurchases will depend on market conditions. Garmin added that it recently completed its 5 million share repurchase plan which was authorized in February 2008. The company based out of George Town, Cayman Islands also announced that it will distribute a 2008 cash dividend of 75 cents a share, which will be paid on December 15, 2008. On April 30th Garmin said strong demand for automotive and mobile products forced first-quarter profits higher. During the quarter ended March 29, Garmin experienced net income of $147.8 million, or 67 cents a share, compared with $139.9 million, or 64 cents per share, in the same period last year. Total sales grew from $492.2 million to $663.8 million, but in particular the automotive and mobile segment surged 42.7% to 451.9 million. However the overall results did not reach analysts expectations, as shares dipped 7% following the news. “We are pleased with our performance in the first quarter, particularly given the general slowdown in the global economy. Demand for our automotive/mobile products continued beyond the traditionally strong fourth quarter holiday season,” said Garmin Chairman CEO Dr. Min Kao. Analysts Scott Sutherland from Wedbush Morgan Securities is bullish on Garmin. He has a buy rating on the stock and recently increased his price target to $59 from $55 noting the new buyback and positive comments from one of Garmin’s competitors, Magellan. After discussions with Magellan’s CEO, Sutherland commented, “it appears that unit growth remains 100%+ in the U.S., 35-40% in Europe, and very robust from a small base in Asia. We also believe Garmin is gaining market share in Europe and that prices for chipsets, memory, and maps continue to drop.”

Actel recently announced the approval by its Board of Directors of authority to repurchase up to 1,000,000 more shares of Common Stock under the Company's stock repurchase program. This action will permit the Company to continue repurchasing shares of its Common Stock from time to time as market and business conditions warrant. Including the 1,000,000 shares most recently authorized, the Company has remaining authority to repurchase 1,688,442 shares under the program.

The Hartford, Conn.-based insurance and investment company entered into an accelerated stock repurchase program with Credit Suisse to repurchase $500 million in common stock. On top of that, the company authorized a new $1 billion buyback plan. The new buyback will add on to the company’s existing $2 billion buyback plan, which has $121 million remaining available for repurchase. "The stock repurchase and hybrid offering further enhance the company's capital structure," said Liz Zlatkus, The Hartford's CFO. "The timing was right for these actions. Replacing a portion of our equity capital with hybrid securities presented a compelling opportunity at this juncture." On April 28th, the seventh-largest insurer posted dismal first quarter earnings with profit dropping 83%. Net income in the first quarter was $145 million, or 46 cents a share, compared to $876 million, or $2.71 a share in the same period last year. The company now expects to earn $9.20 to $9.50 a share this year, down from the forecast of $9.80 to $10.20 in January. "The Hartford performed well in what proved to be a volatile economic climate this quarter," said Ramani Ayer, Hartford's Chairman and CEO. "Our capital strength gives us the ability to invest in operations and navigate the market cycles. The Hartford is focused on positioning the company for long-term growth," added Ayer. Hartford stock has sunk 17% year to date, and since the 52-week high of $102.87 in June 2007, share s have fallen 30%. Analyst John Hall from Wachovia commented, “In our opinion, Hartford's current valuation appropriately reflects the company's strong balance sheet and long-term growth opportunities. We rate the company's shares Market Perform.”