Masco enters accelerated share repurchase agreement to repurchase $400M of stock
Masco announced it has entered into an accelerated share repurchase, or ASR, agreement with Royal Bank of Canada to repurchase $400M of Masco's common stock. This agreement is part of Masco's existing share repurchase authorization of $2B which was announced on September 17. Under the ASR agreement, Masco will receive initial delivery of 7.3M shares on November 26, representing approximately 85% of the number of shares of common stock initially underlying the ASR agreement, based on the closing price of Masco's common stock of $46.42 on November 25. 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 February 12, 2020.