ONEOK Repurchases $150 Million of Common Stock
ONEOK, Inc. (NYSE: OKE) today announced that it has entered into a $150 million accelerated share repurchase agreement with Goldman, Sachs & Co.
Under terms of the accelerated repurchase agreement, ONEOK immediately repurchased approximately 3.6 million shares from Goldman, Sachs & Co. based on yesterday's closing stock price of $41.19 per share, of which 80 percent of the shares will be received immediately. Goldman, Sachs & Co. borrowed the shares sold to ONEOK and will purchase shares in the open market to settle its borrowings.
The repurchase agreement provides for an adjustment based on the volume-weighted average price, less a discount, of the shares over the course of a repurchase period that expires on or before the end of 2012.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.