Subject to certain conditions, the transaction will reduce Ball’s outstanding common stock by a total of approximately 5.1 million shares.
Scott Morrison, senior vice president and chief financial officer, said: “Ball’s packaging and aerospace businesses continue to generate a significant amount of free cash flow, and today’s announcement is consistent with our balanced capital deployment strategy which includes returning value to shareholders in the form of share buybacks.”
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.
Source: Ball Corporation
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