Pfizer begins USD5bn accelerated share repurchase programme.
M2 PHARMA-March 10, 2016-Pfizer begins USD5bn accelerated share repurchase programme
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Science company Pfizer Inc (NYSE:PFE) revealed on Wednesday the launch of an accelerated USD5bn share repurchase agreement with Goldman Sachs & Co (GS&Co).
Under the existing share repurchase plan, Goldman, Sachs & Co (GS&Co) will repurchase USD5bn of Pfizer's common stock.
About 136m of the shares to be repurchased under the transaction will be received by Pfizer on 10 March 2016.
The accelerated share repurchase plan has been assumed in Pfizer's 2016 financial guidance.
At settlement around the Q2 of 2016, GS&Co may be required to deliver additional common stock to Pfizer, or, under certain circumstances, Pfizer may be required to deliver shares of its common stock or may elect to make a cash payment to GS&Co, with the number of shares to be delivered or the amount of such payment based on the volume-weighted average price of Pfizer's common stock during the term of the transaction.
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|Date:||Mar 10, 2016|
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