American International Group Sets $500 Million Accelerated Buyback
February 25 2020 - 7:28AM
Dow Jones News
By Colin Kellaher
American International Group Inc. on Tuesday said it signed an
accelerated share-repurchase agreement with Citibank N.A. for $500
million of common stock.
The New York insurance giant said the accelerated buyback is
part of the $2 billion repurchase authorization it announced
earlier this month.
AIG said it expects to receive initial delivery of about 7.66
million shares on Tuesday, representing roughly 70% of the shares
initially underlying the agreement.
AIG, which has about 870 million shares outstanding, sports a
market capitalization of roughly $39.76 billion based on Monday's
closing price of $45.70.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 25, 2020 07:13 ET (12:13 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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