Masco announces accelerated share repurchase agreement

Home improvement and building products manufacturer, Masco Corporation, has entered into an accelerated share repurchase (ASR ) agreement with Royal Bank of Canada to repurchase $350 million of Masco’s common stock.

The agreement is part of Masco’s existing share repurchase authorization under which $2 billion of authority was announced on Feb. 9.

Under the ASR agreement, Masco will receive an initial delivery of approximately 5.1 million shares on June 10 representing approximately 85% of the number of shares of common stock initially underlying the ASR agreement, based on the closing price of Masco’s common stock of $58.41 on June 9.

The final number of shares to be repurchased will be based on Masco’s volume-weighted average price during the term of the transaction, less a discount, and is expected to be completed no later than July 29.