Bristol-Myers Squibb approves buyback agreement.
M2 EQUITYBITES-February 22, 2017-Bristol-Myers Squibb approves buyback agreement
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Bristol-Myers Squibb company (NYSE: BMY) has entered into an accelerated share repurchase ("ASR") program to repurchase, in aggregate, USD 2bn of Bristol-Myers Squibb's common stock, the company said.
The company has entered into an ASR program with each of Morgan Stanley & Co. LLC and Goldman, Sachs & Co. to repurchase, in aggregate, USD 2bn of Bristol-Myers Squibb's common stock.
The company expects to fund the repurchase with a combination of debt and cash.
Approximately 80% of the shares to be repurchased under the transaction will be received by Bristol-Myers Squibb on February 28, 2017.
The total number of shares ultimately repurchased under the program will be determined upon final settlement and will be based on a discount to the volume-weighted average price of Bristol-Myers Squibb's common stock during the ASR period.
The program is part of Bristol-Myers Squibb's existing share repurchase authorization. The company anticipates that all repurchases under the ASR will be completed by the end of the second quarter of 2017.
Morgan Stanley is serving as financial advisor to Bristol-Myers Squibb and Kirkland & Ellis LLP is serving as legal counsel. Covington & Burling LLP is serving as legal counsel to Bristol-Myers Squibb in connection with the ASR.
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 22, 2017|
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