Arconic Inc. plans to repurchase USD200 million of its common stock.
The company has entered into an accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association, London Branch, to repurchase USD200 million of its common stock, pursuant to the share repurchase programme previously authorized by the board of directors. Under the ASR agreement, Arconic will receive initial delivery of around 7.5 million shares on 6 May 2019. The final number of shares to be repurchased will be based on the volume-weighted average price of Arconic’s common stock during the term of the transaction, less a discount. The ASR agreement is expected to be completed during the first half of 2019. After giving effect to the share repurchase under the ASR agreement, USD100 million remains available under the prior authorization by the board of directors for share repurchases through the end of 2020.