Clorox sets up accelerated share buyback plan |
| Reuters - Aug 13, 2007 |
Clorox Co. said on Monday that it had repurchased $750 million worth of stock under an accelerated share repurchase agreement with Citibank and JP Morgan Chase, a week after it said it was considering buyback moves.
Clorox, which makes its namesake bleach and other household products, said it had completed a $750 million stock repurchase program at an initial price of $59.59 per share -- where the stock had closed on Friday -- subject to adjustment.
The company plans to use commercial paper and existing cash to fund the accelerated share repurchase agreement at first. Excluding any acquisitions, it plans to use fiscal 2008 cash flow to reduce debt used to finance the repurchases.
Read Full Article from Reuters
- Posted: 2007-08-13 10:34:33
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