Stoneridge initiates $50M accelerated share repurchase
Stoneridge announced that it has entered into an accelerated share repurchase agreement with Citibank N.A. to repurchase an aggregate of $50M of Stoneridge's common shares. This reflects Stoneridge's strong balance sheet and free cash flow generation. The agreement was entered pursuant to the company's previously announced $50M share repurchase program on October 28, 2018. The company will initially receive approximately 1.35M common shares. The final number of shares to be repurchased will be based on the volume-weighted average price of Stoneridge's common shares during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the share repurchase agreements.