Arconic Announces $200 Million Accelerated Share Repurchase
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--Arconic Inc. (NYSE: ARNC) today announced that it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC to repurchase $200 million of Arconic’s common stock, pursuant to the share repurchase program previously authorized by the Board of Directors.Under the ASR agreement, Arconic will receive initial delivery of approximately 6.8 million shares on August 8, 2019. The final number of shares to be repurchased will be based on the volume-weighted average price of Arconic’s common stock during the term of the transaction, less a discount. The ASR agreement is expected to be completed during the second half of 2019.After giving effect to the share repurchase under the ASR agreement, $400 million remains available under the prior authorization by the Board of Directors for share repurchases.About Arconic Arconic (NYSE: ARNC) creates breakthrough products that shape industries. Working in close partnership with our custo
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