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

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

Sotheby's Announces Repurchases Under Accelerated Share Repurchase Program

December 14, 2018 10:08 AM EST

NEW YORK, Dec. 14, 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 $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... More