Benzinga | Jun 10, 2021 08:38AM EDT

Masco Corporation Announces $350M Accelerated Share Repurchase

Masco Corporation (NYSE:MAS) today announced it has entered into an accelerated share repurchase ("ASR") agreement with Royal Bank of Canada to repurchase $350 million of Masco's common stock.

This agreement is part of Masco's existing share repurchase authorization under which $2 billion of authority was announced on February 9, 2021.

Under the ASR agreement, Masco will receive initial delivery of approximately 5.1 million shares on June 10, 2021 representing approximately 85 percent 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, 2021.

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, 2021.