Bristol-Myers Squibb To Buyback $4 Bln Of Shares Under Accelerated Share Repurchase

(RTTNews) - Bristol-Myers Squibb Co. (BMY), a pharma major, said on Thursday that it has inked agreements to enter into an accelerated share repurchase or ASR program to buy back a total of $4 billion of its shares at par value of $0.10 per share.

The ASR transactions, scheduled to be closed in the fourth quarter, will be completed under agreements with Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association and Morgan Stanley & Co. LLC.

BMS will pay the repurchase price and receive shares with a total value of 85 percent of the repurchase price based on the closing share price as of August 9. The ASR transactions are being completed pursuant to a previously announced multi-year share repurchase drive.