Corning (GLW) Enters $1.25B Accelerated Stock Buyback Plan

Corning (NYSE: GLW) announced that it has entered into an accelerated share repurchase agreement (ASR) with Morgan Stanley & Co. LLC to repurchase $1.25 billion of the company's common stock. The ASR is executed pursuant to the $2 billion share repurchase program authorized by Corning's Board of Directors on July 15, 2015, which was supplemented by an additional $4 billion share repurchase program authorized on October 26, 2015.

Under the terms of the ASR, Corning has agreed to repurchase in total $1.25 billion of its common stock from Morgan Stanley & Co. LLC, with an initial delivery of approximately 53.1 million shares based on current market prices. The final number of shares to be repurchased will be based on Corning's volume-weighted average stock price during the term of the transaction. The program is expected to be completed in the first quarter of 2016. The company expects to finance the ASR with cash on hand.

Year to date through October 29, 2015, Corning has repurchased nearly 151.5 million shares, including the initial delivery of shares under this ASR.

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