Engine Capital said on Friday it would end its activist campaign at Lyft (LYFT.O), opens new tab and withdraw its board nominees after the ride-hailing platform boosted its stock buyback program.
The company increased its stock buyback program to $750 million from $500 million, and said it intends to use $500 million of the authorization within the next 12 months.
Last week, Engine Capital had urged Lyft to undertake a $750 million accelerated repurchase, and to consider strategic alternatives, including a sale.
Lyft did not immediately respond to a request for comment.
By Reuters
