Ball Corporation announced today an agreement to repurchase approximately USD100 million of its outstanding common stock in a privately negotiated accelerated stock repurchase transaction with Goldman Sachs & Co. LLC, using cash on hand and available borrowings.
Subject to certain conditions, the transaction will commence today and reduce Ball’s outstanding common stock by a total of approximately 2.5 million shares. Following the completion of today’s transaction, approximately 18 million shares remain available for repurchase under the company’s existing authorization.
“This initial share buyback reflects the significant free cash flow and earnings improvement since our 2016 acquisition of Rexam and is consistent with our balanced capital deployment strategy, which includes returning value to shareholders in the form of share buybacks and dividends,” said Scott C. Morrison, senior vice president and chief financial officer.
The shares are subject to a market price adjustment provision at the conclusion of the accelerated stock repurchase transaction which may require a settlement to be made by Ball, or to Ball, based generally on the volume weighted average trading price of the company’s shares over an agreed upon period of time.
About Ball Corporation
Ball Corporation supplies innovative, sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball Corporation and its subsidiaries employ 18,450 people worldwide and reported 2016 net sales of USD9.1 billion.