Kroger Enters into $5B Accelerated Share Repurchase Program
U.S. grocery chain Kroger recently entered into Accelerated Share Repurchase (ASR) agreements with Wells Fargo Bank, National Association, and Citibank, N.A. to repurchase $5 billion in shares of Kroger common stock.
The ASR agreements will be completed under the company’s $7.5 billion share repurchase authorization, which it announced on December 11. The deal will be funded by existing cash on hand.
Per the agreements, Kroger paid $5 billion to Wells Fargo Bank, National Association, and Citibank, N.A., in exchange for an initial delivery of approximately 65.6 million shares...
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