Citation
(2007), "Valspar enters into accelerated share repurchase agreement", Pigment & Resin Technology, Vol. 36 No. 4. https://doi.org/10.1108/prt.2007.12936dab.033
Publisher
:Emerald Group Publishing Limited
Copyright © 2007, Emerald Group Publishing Limited
Valspar enters into accelerated share repurchase agreement
Valspar enters into accelerated share repurchase agreement
The Valspar Corporation announced that it has entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. for the repurchase of two million shares of Valspar common stock. Under the terms of the accelerated share repurchase agreement, Goldman will deliver the full number of shares to be repurchased on or before April 13, 2007. Goldman will borrow the shares and, over a period not to exceed four months, will repurchase shares in the open market to cover its position with the share lenders. Upon completion, the accelerated share repurchase is subject to a price adjustment. At that time, Valspar may receive, or be required to pay, a price adjustment based on an adjusted volume weighted average price. Valspar may elect to settle the price adjustment in shares or in cash. The company expects the transaction to have minimal impact on its 2007 second-half and full-year earnings per share.