KDP has indicated its intent to repurchase an aggregate of 35 million shares in this offering (the "Repurchase") at the per share price to be paid by the underwriter in the offering. The Repurchase is being effected under its previously announced $4 billion repurchase authorization of which approximately $1.8 billion will remain outstanding following the offering.
Following the completion of the offering, assuming full exercise of the underwriter's option to purchase additional shares, JAB will beneficially own approximately 21% of KDP's outstanding common stock, giving effect to the Repurchase, bringing KDP's public float to approximately 79%.