Chipotle Mexican Grill (CMG) Adds $100M to Buyback Plan
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Chipotle Mexican Grill, Inc. (NYSE: CMG) today announced it has added an additional $100 million to the existing $100 million repurchase plan previously announced on October 18, 2012. The company has repurchased about $40 million through November 19th under the previously-announced $100 million buyback.
Chipotle also announced that $25 million of the authorized repurchases will be conducted through a privately negotiated accelerated share repurchase transaction, or ASR, with Morgan Stanley. The specific number of shares to be repurchased under the ASR will be based generally on the volume-weighted average share price of the company's common stock over a specified period. The accelerated repurchase transaction is scheduled to be completed during the first quarter of 2013, but may be accelerated at the option of Morgan Stanley.
The remaining $75 million has been added to Chipotle’s existing open–market repurchase agreement. The additional repurchases were authorized by Chipotle’s Board of Directors on November 20, 2012 and may be modified, suspended, or discontinued at any time.
Chipotle also announced that $25 million of the authorized repurchases will be conducted through a privately negotiated accelerated share repurchase transaction, or ASR, with Morgan Stanley. The specific number of shares to be repurchased under the ASR will be based generally on the volume-weighted average share price of the company's common stock over a specified period. The accelerated repurchase transaction is scheduled to be completed during the first quarter of 2013, but may be accelerated at the option of Morgan Stanley.
The remaining $75 million has been added to Chipotle’s existing open–market repurchase agreement. The additional repurchases were authorized by Chipotle’s Board of Directors on November 20, 2012 and may be modified, suspended, or discontinued at any time.
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