Greif Announces $150 Million Share Repurchase Program
The Perfect Combo Get Peak Performance From Your Equipment with Matched Component Sets
Delaware, Ohio based Greif, Inc. last week announced a $150 million share repurchase program. It has entered into a $75 million accelerated share repurchase agreement (ASR) with Bank of America, N.A. to repurchase shares of the company’s Class A stock. In addition, the company plans to repurchase an aggregate of $75 million shares of its Class A and Class B stock in open market purchases. Under the ASR, the company will make a payment of $75 million and will receive today an initial delivery of ap- proximately 80 percent of the expected share repurchas- es, or approximately one million Class A shares, with any remaining shares expected to be delivered by the end of the company’s first fiscal quarter of 2023. The final num- ber of shares to be repurchased will be based on the vol- ume-weighted average price of the company’s Class A stock during the term of the ASR less a discount. Open market repurchases will be executed over the next 12 to 18 months in accordance with Rule 10b-18 un- der the Securities Exchange Act of 1934. The timing of any such repurchases will depend on market conditions and will be made at the company’s discretion. While the com- pany intends to repurchase up to $75 million of shares, it is not obligated to repurchase any dollar amount or number of shares and may suspend repurchases at any time.
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ARCInternational.com 800-526-4569
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July 4, 2022
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