Teradata Corp. (TDC) Announces $250M Share Buyback
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Teradata Corporation (NYSE: TDC) today announced that it has entered into an accelerated share repurchase agreement (“ASR”) with JPMorgan Chase Bank, N.A. (“JPM”) to repurchase $250.0 million of the Company’s common stock. The ASR was entered into as part of the Company’s previously announced $1.0 billion open market share repurchase authorization, under which approximately $913 million will remain available after giving effect to the ASR. The Company intends to fund the ASR from cash on hand.
Under the ASR, the Company will make a payment of $250.0 million to JPM and will receive an initial share delivery of approximately 3.9 million shares from JPM, representing approximately 80% of the expected share repurchases under the ASR, based on the closing price of the common stock of $50.89 on February 8, 2022. The final number of shares of common stock that will be delivered to the Company under the ASR will be based on the average of the daily volume-weighted average trading prices of the Company’s common stock during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR.
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