ADM Announces $1 Billion Accelerated Share Repurchase Agreement
13 Marzo 2024 - 5:00AM
Business Wire
ADM (NYSE: ADM) today announced that it has entered into an
accelerated share repurchase (ASR) agreement with delayed share
delivery with Merrill Lynch International, an affiliate of BofA
Securities, Inc., to repurchase $1 billion of ADM’s common
stock.
“We finished 2023 with strong momentum in terms of returning
cash to our shareholders, and we will continue to prioritize
shareholders in our cash deployment in 2024,” Board Chair and CEO
Juan Luciano said. “After repurchasing $1.5 billion of shares in Q4
2023 and nearly $330 million of shares so far in Q1 2024, we are
accelerating our program, with an intention to actualize $2 billion
of additional share repurchases during the remainder of the year,
including $1 billion of which will be executed through this
accelerated share repurchase program, which runs through the second
quarter.”
Under the ASR agreement, ADM will receive monthly share
deliveries at the end of each month commencing in March 2024. The
total number of shares to be repurchased through the ASR will be
determined using a formula based on ADM’s share price during the
term of the transaction, with the purchase price determined using a
formula based on ADM’s daily volume-weighted average price during
the term of the transaction, net of a discount, and is expected to
be completed no later than the end of the second quarter of 2024.
The ASR will be completed under ADM’s existing 200 million share
repurchase program that runs through 2024.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve substantial risks and uncertainties. All statements,
other than statements of historical fact included in this release,
are forward-looking statements. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as “anticipate,” “estimate,” “expect,” “project,” “plan,”
“intend,” “believe,” “may,” “outlook,” “will,” “should,” “can
have,” “likely,” and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events. All
forward-looking statements are subject to significant risks,
uncertainties and changes in circumstances that could cause actual
results and outcomes to differ materially from the forward-looking
statements. These forward-looking statements are not guarantees of
future performance and involve risks, assumptions and
uncertainties, including, without limitation, those that are
described in the Company’s most recent Annual Report on Form 10-K
and in other documents that the Company files or furnishes with the
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual outcomes may vary materially
from those indicated or anticipated by such forward-looking
statements. Accordingly, you are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date they are made. Except to the extent required by law,
ADM does not undertake, and expressly disclaims, any duty or
obligation to update publicly any forward-looking statement after
the date of this announcement, whether as a result of new
information, future events, changes in assumptions or
otherwise.
About ADM
ADM unlocks the power of nature to enrich the quality of life.
We’re a premier global human and animal nutrition company,
delivering solutions today with an eye to the future. We’re blazing
new trails in health and well-being as our scientists develop
groundbreaking products to support healthier living. We’re a
cutting-edge innovator leading the way to a new future of
plant-based consumer and industrial solutions to replace
petroleum-based products. We’re an unmatched agricultural supply
chain manager and processor, providing food security by connecting
local needs with global capabilities. And we’re a leader in
sustainability, scaling across entire value chains to help
decarbonize our industry and safeguard our planet. From the seed of
the idea to the outcome of the solution, we give customers an edge
in solving the nutritional and sustainability challenges of today
and tomorrow. Learn more at www.adm.com.
Source: Corporate Release Source: ADM
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version on businesswire.com: https://www.businesswire.com/news/home/20240312352175/en/
ADM Media Relations Jackie Anderson media@adm.com
312-634-8484
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