Ball Announces Accelerated Stock Repurchase
Ball Corporation has agreed to repurchase around $100 million of its outstanding common stock in a privately negotiated accelerated stock repurchase transaction with Barclays Bank PLC, using cash on hand and available borrowings. The deal will reduce Ball’s outstanding common stock by around 1.8 million shares.
“Ball’s businesses continue to generate a significant amount of free cash flow and today’s announcement reinforces our ongoing balanced capital allocation strategy of returning value to shareholders via share buybacks,” said Scott C. Morrison, senior vice president and chief financial officer.
The shares are subject to a market price adjustment provision at the conclusion of the transaction which may require a settlement to be made by Ball, or to Ball, based generally on the volume weighted average trading price of the company’s shares over an agreed upon period of time.