Crown buys shares worth $150m from Citigroup
Enters into share repurchase programme
Consumer product packaging specialist Crown Holdings has entered into a definitive agreement with Citigroup Global Markets to buy shares of its common stock under an accelerated share repurchase programme. As part of the agreement, Crown purchased 4,354,838 shares – approximately 90% – from Citigroup for $150m.
The final number of shares to be repurchased will be based on Crown’s volume-weighted average stock price during the term of the transaction, which is expected to be completed in April 2011.
A previous separate agreement, finalised 8 November 2010, saw Crown purchase 3,432,251 shares for an aggregate purchase price of $100m.