Thu. 5 Aug 2021, 12:02pm ETBenzinga
In: News, Buybacks
- Brink's Company (NYSE:BCO) has entered into an accelerated share repurchase agreement (ASR) with J.P. Morgan Chase Bank, N.A., to repurchase $50 million of its common stock.
- The company will execute the ASR under a $250 million share repurchase program authorized on February 6, 2020.
- Upon completion of this ASR, Brink's will have $150 million remaining under the authorization.
- Brink's will receive approximately 524,315 shares, representing ~80% of the total shares it expects to repurchase under the ASR agreement. It expects to receive the balance of 20% of the remaining shares under the agreement by no later than November 24, 2021.
- As of June 30, 2021, Brink's had ~50.5 million fully diluted shares outstanding.
- Price Action: BCO shares are trading higher by 3.15% at $78.69 on the last check Thursday.