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Corning Inc announces $1.25 bln accelerated share repurchase


Tuesday, 4 Mar 2014 09:01am EST 

Corning Inc:Says it has entered into an accelerated share repurchase agreement (ASR) with Citibank, N.A. to repurchase $1.25 bln of the company's common stock.The ASR is part of the company's $2 bln share repurchase program made effective concurrent with the closing of Corning's full acquisition of Samsung Corning Precision Materials Co., Ltd. (now Corning Precision Materials) on Jan 15.Under the terms of the ASR, Corning has agreed to repurchase in total $1.25 bln of its common stock from Citibank, N.A., with an initial delivery of about 52.5 mln 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.The program is expected to be completed in Q2 2014.The company expects to finance the ASR with cash on hand.