- Tupperware Brands Corp (NYSE:TUP) has entered into an agreement to repurchase an aggregate of $75 million of its common stock in an accelerated share repurchase (ASR) program with Wells Fargo Bank N.A.
- The agreement equates to about 4.6 million shares, using the closing price on February 25, 2022, and represents about 8.7% of Tupperware's fully diluted outstanding stock as of the date.
- The company will repurchase shares under the ASR program as part of its existing $250 million repurchase authorization.
- Tupperware expects to fund the ASR program with available cash on hand and revolver borrowings. It held $267.2 million in cash and equivalents as of December 25, 2021.
- Tupperware will receive an initial delivery of 3.4 million shares, and the final number of shares will be based on daily volume-weighted average prices. The ASR program is expected to be completed in Q2 FY22.
- Price Action: TUP shares are trading higher by 11% at $18.16 on the last check Monday.
