Summary
This 8-K filing from The Progressive Corporation (PGR) on December 20, 2013, reports a material definitive agreement concerning a significant share repurchase. The company repurchased 4,000,000 common shares at $25.50 per share, totaling $102 million. This transaction was executed with the Peter B. Lewis Trust and settled on December 20, 2013. The repurchase was authorized under an existing program approved in June 2011. The shares were bought back from a trust associated with the late Peter B. Lewis, who was the company's non-executive Chairman of the Board until his passing in November 2013.
Key Highlights
- 1Progressive Corporation repurchased 4,000,000 common shares.
- 2The total cost of the share repurchase was $102 million.
- 3The purchase price per share was $25.50.
- 4The transaction involved the Peter B. Lewis Trust.
- 5The repurchase settled on December 20, 2013.
- 6This action was conducted under the company's existing share repurchase authorization from June 2011.
- 7The transaction is related to the estate of the former non-executive Chairman, Peter B. Lewis.