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Corning Inc Announces $1 Billion Accelerated Share Repurchase


Thursday, 31 Oct 2013 07:15am EDT 

Corning Inc announced that it has entered into an accelerated share repurchase agreement (ASR) with JPMorgan Chase Bank, National Association, London Branch to repurchase $1 billion of the Company's common stock. The ASR is part of Corning's $2 billion share repurchase program announced April 24, 2013. Under the terms of the ASR, Corning has agreed to repurchase $1 billion of its common stock from JPMorgan in total, with an initial delivery of approximately 47 million shares based on current market prices. The final number of shares to be repurchased will be based on Corning's volume-weighted average stock price during the term of the transaction, which is expected to be completed in the first quarter of 2014. The Company expects to finance the ASR with cash on hand.