Sotheby's Announces That It Will Make Buybacks Pursuant To An Accelerated Share Repurchase Program For An Aggregate Purchase Price Of $95M, Will Receive An Initial Delivery Of ~1.792M Shares
Benzinga Newsdesk 8 years ago
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Sotheby's (NYSE:BID) announced today that it will repurchase shares pursuant to an Accelerated Share Repurchase Program (ASR) for an aggregate purchase price of $95 million. Under the ASR agreement Sotheby's will receive an initial delivery of approximately 1,792,453 shares. The repurchase is part of the Company's previously announced share repurchase authorization. Under the ASR agreement, the Company may receive additional shares of its common stock, or may need to make additional payments in respect of the shares it received, based on the daily volume-weighted average price of the shares during the term of the agreement.
Michael Goss, Sotheby's Chief Financial Officer commented: "Over the past several years, we have been transparent regarding our desire to return excess capital to shareholders through stock buybacks. Accelerated programs such as this one enable us to realize the benefits much more quickly."
Michael Goss, Sotheby's Chief Financial Officer commented: "Over the past several years, we have been transparent regarding our desire to return excess capital to shareholders through stock buybacks. Accelerated programs such as this one enable us to realize the benefits much more quickly."