Sonoco Products Plans to Repurchase $150 Million of Shares in Accelerated Buyback Program
07:18 AM EDT, 05/11/2021 (MT Newswires) -- Sonoco (SON) said on Tuesday that it will repurchase $150 million of its outstanding common shares in an accelerated share repurchase transaction with Wells Fargo Bank, N.A., using available cash on hand.
Under the accelerated share repurchase agreement, Sonoco will pay $150 million in exchange for an initial delivery of approximately 1.8 million shares.
The final number of shares to be repurchased under the accelerated share repurchase will be based on the company's volume-weighted average share price during the repurchase period, less a discount and subject to adjustments, the company said.
The final settlement of the accelerated share repurchase transaction is expected to occur no later than Q3 of 2021.
The accelerated share repurchase is being undertaken under the company's previously announced $350 million share repurchase authorization approved by the board of directors on April 20, 2021.
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