Summary
Allstate Corp (ALL) announced on June 1, 2016, its entry into an accelerated share repurchase (ASR) agreement with Barclays Bank PLC for $350 million of its outstanding common stock. This ASR is a significant component of the company's previously announced $1.5 billion share repurchase program initiated on May 4, 2016. The majority of the shares under this agreement are expected to be delivered to Allstate at the inception of the ASR, with Barclays acquiring these shares in the open market by September 23, 2016. The final price and number of shares will be determined based on the volume-weighted average prices during Barclays' purchasing period, with Allstate having the option to settle any final adjustments in cash or stock. The shares repurchased will be held in treasury.
Key Highlights
- 1Allstate enters a $350 million accelerated share repurchase (ASR) agreement with Barclays.
- 2This ASR is part of a larger $1.5 billion share repurchase program announced on May 4, 2016.
- 3Majority of shares under the ASR are expected to be received by Allstate at the agreement's inception.
- 4Barclays will purchase shares in the market by September 23, 2016.
- 5Final share count and price will be determined by the average daily volume-weighted average prices during Barclays' purchase period.
- 6Allstate has the option to settle any final payment in cash or common stock.
- 7Repurchased shares will be held in treasury.