Corning Enters $1.25B Share Repurchase

Thursday, October 29, 2015

Source: stargazette

Corning Inc. announced Thursday that it has entered into an accelerated share repurchase agreement with Morgan Stanley & Co. LLC to repurchase $1.25 billion of the company’s common stock.

The agreement follows the $2 billion share repurchase program authorized by the company's board of directors July 15, which was supplemented by an additional $4 billion share repurchase program authorized Oct. 26.

Under the terms of the accelerated share repurchase, Corning has agreed to repurchase in total $1.25 billion of its common stock from Morgan Stanley & Co. LLC, with an initial delivery of approximately 53.1 million shares based on current market prices.

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