Sotheby's (BID) Reports $70M Accelerated Share Repurchase Program

Sotheby's (NYSE: BID) announced today that it will repurchase shares pursuant to an Accelerated Share Repurchase Program (ASR) for an aggregate purchase price of $70 million. Under the ASR agreement Sotheby's will receive an initial delivery of approximately 1,605,938 shares. The repurchase is part of the Company's previously announced share repurchase authorization. Under the ASR agreement, the Company may receive additional shares of its common stock, or may need to make additional payments in respect of the shares it received, based on the average of the daily volume-weighted average price of the shares during the term of the agreement.

Michael Goss, Sotheby's Chief Financial Officer commented, "With this transaction, we will have returned approximately $815 million to our shareholders, repurchasing approximately 24 million shares, or 35% of our stock, since the beginning of 2015. What has made this possible is the strength of our business model and a tightly managed balance sheet."

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