Fifth Third Bancorp (FITB) Implements Portion of 100 Million Share Buyback with Goldman Sachs (GS)
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From Today's 8-Filing: On August 23, 2012, Fifth Third Bancorp (Nasdaq: FITB) entered into a share repurchase agreement with Goldman, Sachs & Co. (NYSE: GS) pursuant to which Fifth Third will purchase approximately $350 million of its outstanding common stock. Fifth Third is repurchasing the shares of its common stock as part of its previously announced 100 million share repurchase program.
Under the Master Confirmation, supplemented by a Supplemental Confirmation between Fifth Third and Goldman, Fifth Third will pay $350 million to Goldman on August 28, 2012 and expects to receive a substantial majority of the shares underlying the Repurchase Agreement by August 28, 2012.
At settlement, Goldman may be obligated to deliver additional shares of Fifth Third’s common stock to Fifth Third, or Fifth Third may be obligated to make a delivery of common stock or a payment of cash to Goldman at Fifth Third’s election. Fifth Third expects the settlement of the transaction to occur on or before November 26, 2012.
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Under the Master Confirmation, supplemented by a Supplemental Confirmation between Fifth Third and Goldman, Fifth Third will pay $350 million to Goldman on August 28, 2012 and expects to receive a substantial majority of the shares underlying the Repurchase Agreement by August 28, 2012.
At settlement, Goldman may be obligated to deliver additional shares of Fifth Third’s common stock to Fifth Third, or Fifth Third may be obligated to make a delivery of common stock or a payment of cash to Goldman at Fifth Third’s election. Fifth Third expects the settlement of the transaction to occur on or before November 26, 2012.
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