WILMINGTON, Del,, Sept. 03, 2021 (GLOBE NEWSWIRE) — Ashland Global Holdings, Inc. (NYSE: ASH) today announced that it has entered into an uncollared accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association, to repurchase an aggregate of $450 million of Ashland common stock, with an initial delivery of approximately 3.9 million shares. The program is subject to the $1 billion share repurchase program authorized by Ashland Board of Directors on March 15, 2018 from which $800 million is outstanding.
“Today’s announcement reflects the board of directors’ confidence and commitment to deliver shareholder value through disciplined capital allocation,” said Guillermo Novo, chairman and chief executive officer, Ashland. “Ashland’s strong balance sheet, compelling free cash flow generation and net proceeds from a performance adhesives sale affords substantial investment in our key business strategies and growth initiatives as well as the ability to return capital to shareholders.”
The ASR agreement is scheduled to terminate no later than March 31, 2022 but may be terminated early in certain circumstances. JPMorgan Chase Bank, National Association may be required to deliver additional shares of common stock to Ashland, or under certain circumstances, Ashland may be required to deliver shares of common stock or to make a cash payment, at its election.
