Bristol-Myers enters $4B accelerated share repurchase agreements

Bristol Myers Squibb announced that it has entered into accelerated share repurchase transactions under agreements with each of Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A. and Morgan Stanley & Co. LLC, to repurchase, in aggregate, $4B of Bristol Myers Squibb common stock. The ASR transactions will be completed under a previously announced board-authorized, multi-year share repurchase program. The company will have approximately $2B of remaining share repurchase authorization after giving effect to the ASR transactions. Bristol Myers Squibb expects to fund the repurchases with cash on-hand. Approximately 85% of the shares to be repurchased under the ASR transactions will be received by Bristol Myers Squibb on August 10, 2023. The total number of shares ultimately repurchased under the ASR transactions will be determined upon final settlement and will be based on a discount to the volume-weighted average price of Bristol Myers Squibb’s common stock during the terms of the ASR transactions. Bristol Myers Squibb anticipates that these ASR transactions will be settled during the fourth quarter of 2023.