RSS Kroger Announces $5.0 Bln Accelerated Share Repurchase Agreements

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 RSS Kroger Announces $5.0 Bln Accelerated Share Repurchase Agreements

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Kroger Co. (KR) announced that it has entered into Accelerated Share Repurchase (ASR) agreements with Wells Fargo Bank, National Association, and Citibank, N.A. to buy back a total of $5.0 billion worth of its common stock. This initiative is part of Kroger's authorized $7.5 billion share repurchase plan.

The company confirmed that the funding for these repurchases will come from its current cash reserves.

Under the terms of the ASR agreements, Kroger will disburse $5.0 billion to the financial institutions and anticipates an initial reception of approximately 65.6 million shares of its common stock by December 20, 2024. This initial delivery constitutes about 80% of the total shares that could be acquired at the December 19, 2024 closing price.

The complete settlement of these ASR agreements is projected to be finalized by the third fiscal quarter of Kroger's Fiscal 2025.

Moreover, beyond the ASR program, Kroger retains an additional $2.5 billion of share repurchase authorization capacity for potential future buybacks.

The material has been provided by InstaForex Company - www.instaforex.com
 
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