ONEOK (OKE) Announces $150M Accelerated Stock Buyback Plan
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Earlier, ONEOK, Inc. (NYSE: OKE) announced it entered into a $150 million accelerated share repurchase agreement with Goldman, Sachs & Co.
Under terms of the accelerated repurchase agreement, ONEOK immediately repurchased approximately 3.6 million shares from Goldman, Sachs & Co. based on yesterday's closing stock price of $41.19 per share, of which 80 percent of the shares will be received immediately. Goldman, Sachs & Co. borrowed the shares sold to ONEOK and will purchase shares in the open market to settle its borrowings.
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Under terms of the accelerated repurchase agreement, ONEOK immediately repurchased approximately 3.6 million shares from Goldman, Sachs & Co. based on yesterday's closing stock price of $41.19 per share, of which 80 percent of the shares will be received immediately. Goldman, Sachs & Co. borrowed the shares sold to ONEOK and will purchase shares in the open market to settle its borrowings.
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