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Sotheby's announces repurchases under Accelerated Share Repurchase Program

India Blooms News Service | | Aug 14, 2015, at 03:24 am

#Sotheby's # Accelerated Share Repurchase Program # stock

New Delhi, Aug 13 (IBNS): Sotheby's announced on Thursday that it will repurchase shares pursuant to an Accelerated Share Repurchase Program (ASR) for an aggregate purchase price of $125 million.

Under the ASR agreement Sotheby's will receive an initial delivery of approximately 2,667,000 shares.

The repurchase is part of the company's previously announced $250 million share repurchase authorization.

Under the ASR agreement, the company may receive additional shares of its common stock, or may need to make additional payments in respect of the shares it received, based on the daily volume-weighted average price of the shares during the term of the agreement.

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