Masco Corporation Announces $400 Million Accelerated Share Repurchase
November 26 2019 - 8:00AM
Business Wire
Masco Corporation (NYSE: MAS) today announced it has entered
into an accelerated share repurchase (“ASR”) agreement with Royal
Bank of Canada to repurchase $400 million of Masco’s common
stock.
This agreement is part of Masco’s existing share repurchase
authorization of $2 billion which was announced on September 17,
2019.
Under the ASR agreement, Masco will receive initial delivery of
7.3 million shares on November 26, 2019, representing approximately
85 percent 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, 2019.
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.
About Masco
Headquartered in Livonia, Mich., Masco Corporation is a global
leader in the design, manufacture and distribution of branded home
improvement and building products. Our portfolio of
industry-leading brands includes Behr® paint; Delta® and Hansgrohe®
faucets, bath and shower fixtures; KraftMaid® and Merillat®
cabinets; Kichler® decorative and outdoor lighting; and HotSpring®
spas. We leverage our powerful brands across product categories,
sales channels and geographies to create value for our customers
and shareholders. For more information about Masco Corporation,
visit www.masco.com.
Safe Harbor Statement
This press release contains statements that reflect our views
about our future performance and constitute “forward-looking
statements” under the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by words such as
“outlook,” “believe,” “anticipate,” “appear,” “may,” “will,”
“should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,”
“forecast,” and similar references to future periods. Our views
about future performance involve risks and uncertainties that are
difficult to predict and, accordingly, our actual results may
differ materially from the results discussed in our forward-looking
statements. We caution you against relying on any of these
forward-looking statements.
Our future performance may be affected by the levels of
residential repair and remodel activity and new home construction,
our ability to maintain our strong brands and reputation and to
develop new products, our ability to maintain our competitive
position in our industries, our reliance on key customers, the cost
and availability of raw materials and increasing tariffs, our
dependence on third-party suppliers, risks associated with
international operations and global strategies, our ability to
achieve the anticipated benefits of our strategic initiatives,
including the potential divestiture of our Cabinetry business, our
ability to successfully execute our acquisition strategy and
integrate businesses that we have and may acquire, our ability to
attract, develop and retain talented personnel, risks associated
with our reliance on information systems and technology, and our
ability to achieve the anticipated benefits from our investments in
new technology. These and other factors are discussed in detail in
Item 1A, “Risk Factors” in our most recent Annual Report on Form
10-K, as well as in our Quarterly Reports on Form 10-Q and in other
filings we make with the Securities and Exchange Commission. Any
forward-looking statement made by us speaks only as of the date on
which it was made. Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not
possible for us to predict all of them. Unless required by law, we
undertake no obligation to update publicly any forward-looking
statements as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191126005222/en/
Investor Contact David
Chaika Vice President, Treasurer and Investor Relations
313.792.5500 david_chaika@mascohq.com
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