Ashland Inc. today announced that it has entered into uncollared accelerated share repurchase agreements with each of Deutsche Bank AG, London Branch, and JPMorgan Chase Bank, N.A., to repurchase an aggregate of approximately $270 million of Ashland’s common stock.
These agreements are part of Ashland’s previously announced $1.35 billion share repurchase program.
Under the ASR agreements, Ashland has agreed to repurchase an aggregate of approximately $270 million of its common stock from Deutsche Bank and JPMorgan, with immediate delivery of an aggregate of approximately 1.9 million shares expected.
The term of the agreements will not exceed July 2015, although they may be completed earlier based on market conditions and other factors.
From Ashland Inc.