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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