Sotheby's (BID) Announces Repurchases Under ASR Program

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Go back to Sotheby's (BID) Announces Repurchases Under ASR Program

Sotheby's Announces Repurchases Under Accelerated Share Repurchase Program

September 12, 2018 9:59 AM EDT

NEW YORK, Sept. 12, 2018  /PRNewswire/ -- 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 $95 million. Under the ASR agreement Sotheby's will receive an initial delivery of approximately 1,792,453 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 daily volume-weighted... More