Arconic repurchasing $200M in common stock
Arconic Inc., parent company of Alcoa Wheels, today announced it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC to repurchase US$200 million of Arconic’s common stock, pursuant to the share repurchase programme previously authorised by the company’s Board of Directors.
Under the ASR agreement, Arconic will receive initial delivery of approximately 6.8 million shares on 8 August 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 authorisation by the Board of Directors for share repurchases.