Johnson Controls Offering to Buy Back Up to $4 Billion of Its Shares

   By Stephen Nakrosis

Johnson Controls Intl. PLC (JCI) said Friday it opened a cash tender for up to $4 billion of its ordinary shares in what the company called a "modified Dutch auction."

The process allows shareholders to set a price, in a range between $36 and $40 a share, at which they would be willing to sell their shares.

The offer is scheduled to expire at 11:59 p.m. EDT on May 31 unless extended by the company.

Following the expiration, Johnson Controls will determine the single per-share price it will pay.

Johnson Controls said the purchase price will be the lowest price per share within the set price range that enables it to purchase the maximum number of shares having an aggregate purchase price not exceeding $4 billion.

All shares purchased in the offer will be purchased at the same purchase price regardless of whether the shareholder tendered at a lower price, it said.

Johnson Controls said it would fund the buyback with proceeds from the sale of its Power Solutions business, which was completed April 30.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 03, 2019 16:57 ET (20:57 GMT)

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