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Benzinga
Benzinga
Business
Akanksha Bakshi

Beacon Enters $125M ASR With Citibank

Beacon
  • Beacon Roofing Supply, Inc. (NASDAQ:BECN) entered an accelerated share repurchase agreement with Citibank N.A to repurchase $125 million of its common stock.
  • This ASR accelerates Beacon's progress under its $500 million share repurchase program announced February 24, 2022.
  • Under the ASR, Beacon will initially receive a prorated quantity of the company's common stock on March 15, 2022. The final settlement is expected to be completed in 2Q22.
  • Price Action: BECN shares are trading higher by 1.57% at $60.13 on the last check Monday.
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