Visa (V) Deposits $400M in Litigation Escrow Account; Class B Conversion Ratio Decreased
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Visa Inc. (NYSE: V) reports that it has deposited $400 million into the litigation escrow account previously established under the Company's retrospective responsibility plan.
Under the terms of the Plan, the $400 million deposit has the effect of a repurchase by the Company of 5,419,273 shares of class A common stock at approximately $73.81 per share, on an as-converted basis, by reducing the as-converted class B common stock share count from 125,253,161 to 119,833,888.
As a result of the deposit, the conversion rate applicable to the Company's class B common stock has decreased from 0.5102 to 0.4881 as of March 31, 2011.
Under the terms of the Plan, the $400 million deposit has the effect of a repurchase by the Company of 5,419,273 shares of class A common stock at approximately $73.81 per share, on an as-converted basis, by reducing the as-converted class B common stock share count from 125,253,161 to 119,833,888.
As a result of the deposit, the conversion rate applicable to the Company's class B common stock has decreased from 0.5102 to 0.4881 as of March 31, 2011.
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