Steelcase (SCS) Enters 5M Share Buyback Agreement with Third-Party Broker
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Steelcase (NYSE: SCS) disclosed the following in a U.S. SEC filing on Tuesday:
Item 8.01 Other Events.
On October 10, 2016, Steelcase Inc. (the “Company”) entered into a stock repurchase agreement with an independent third party broker under which the broker is authorized to repurchase up to 5 million shares of the Company’s common stock on behalf of the Company during the period from October 11, 2016 through March 23, 2017, subject to certain price, market and volume constraints specified in the agreement. The agreement was established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The shares will be purchased pursuant to the Company’s previously announced share repurchase program and in a manner consistent with applicable laws and regulations, including the provisions of the safe harbor contained in Rule 10b-18 under the Exchange Act.
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