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Caterpillar Inc Announces $1 Billion Accelerated Stock Repurchase Program


Thursday, 25 Apr 2013 09:00am EDT 

Caterpillar Inc announced it has entered into a definitive agreement with Citibank, N.A. to purchase shares of its common stock under an accelerated stock repurchase program. Pursuant to the accelerated stock repurchase agreement, Caterpillar has agreed to repurchase $1 billion of its common stock from Citi, with an immediate delivery of approximately 11 million shares based on current market prices. The final number of shares to be repurchased and the aggregate cost to Caterpillar will be based on Caterpillar's volume-weighted average stock price during the term of the transaction, which is expected to be completed in June of 2013. In February 2007, the Board of Directors authorized the repurchase of $7.5 billion of Caterpillar stock and in December 2011, the authorization was extended through December 2015. Through the end of 2008, $3.8 billion of the $7.5 billion authorization was spent and no shares of stock have been repurchased since then. 

Company Quote

104.69
0.54 +0.52%
29 Jul 2014