Dunkin' Brands to repurchase $650M under accelerated share repurchase agreements
In a regulatory filing earlier, Dunkin' Brands (DNKN) disclosed that it entered into accelerated share repurchase agreements with each of Citibank (C) and JPMorgan Chase (JPM) to repurchase an aggregate of $650M of the company's common stock. The company will acquire the shares under the ASR agreements as part of its previously announced $650M share repurchase program, Dunkin' noted. Pursuant to the terms of the ASR agreements, on February 16, the company will make payments of $650M in the aggregate to the dealers and will receive an initial delivery of approximately 8,479,000 shares of the company's common stock in the aggregate from the dealers, which is approximately 80% of the total number of shares of the company's common stock expected to be repurchased under the ASR agreements. Final settlement of each ASR agreement is expected to be completed in August 2018, although the settlement may be accelerated at the dealer's option.