Crown Holdings Inc has entered into a definitive agreement with Citigroup Global Markets Inc to purchase shares of its common stock under an accelerated share repurchase programme.
Pursuant to the agreement, Crown purchased 4,354,838 shares, currently estimated to be approximately 90% of the shares to be repurchased, immediately from Citigroup for $150m.
The final number of shares to be repurchased and the aggregate cost to Crown will be based on Crown's volume-weighted average stock price during the term of the transaction, which is expected to be completed in April of 2011.
In a previous separate agreement finalised 8 November 2010, Crown purchased a total of 3,432,251 shares for an aggregate purchase price of $100m.
Source: Crown Holdings
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