Macerich (MAC) Enters $400M ASR Agreement

Macerich (NYSE: MAC) disclosed in an SEC filing:

On May 9, 2016, The Macerich Company (the “Company”) entered into an accelerated share repurchase (“ASR”) agreement with one if its investment banks. Under the terms of the ASR agreement, the Company agreed to repurchase $400 million of its outstanding common stock, with an aggregate initial delivery of approximately 4 million shares, representing approximately 80% of the total value of the transaction based on current market prices. The final number of shares of the Company’s common stock to be repurchased will be based on the volume-weighted average share price of the Company’s common stock during the term of the ASR, minus a discount. The final settlement of the transactions under the ASR agreement is expected to occur within two months.

You May Also Be Interested In

• Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
• Scilex Holding (SCLX) Prices 15M Share Offering at $1/sh
• Genco Shipping & Trading Limited (GNK) Sends Letter to Shareholders