Jarden Increases Authorized Share Repurchase Program to $500M and Uses $250M to Execute an Accelerated Share Repurchase Program
Jarden Corporation (NYSE: JAH) today announced that the Board of Directors has authorized an increase to its current share repurchase program. The authorized share repurchase program is now $500 million. The new program includes the remaining $130 million of unused capacity under the Company's existing share repurchase program.
In conjunction with the new program, Jarden has agreed to repurchase an aggregate of $250 million worth of common stock pursuant to Accelerated Stock Repurchase Agreements ("ASR Agreement") with Barclays Bank plc. and JPMorgan Chase Bank, N.A. Jarden will fund the $250 million today at the beginning of the ASR Agreement and will receive the majority of repurchased shares at the same time. The $250 million accelerated share repurchase program will be funded with cash on hand.
The specific number of shares Jarden will ultimately repurchase under the ASR Agreement will be based on the average of the daily volume weighted average prices of Jarden's common stock over the period. The ASR Agreement period is expected to be completed by no later than the Company's fiscal third quarter.
About Jarden Corporation
Jarden Corporation is a leading provider of a diverse range of consumer products with a portfolio of over 100 trusted, quality brands sold globally. Jarden operates in three primary business segments through a number of well recognized brands, including: Outdoor Solutions: Abu Garcia®, Aero®, Berkley®, Campingaz® and Coleman®, ExOfficio®, Fenwick®, Gulp!®, Invicta®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, Volkl® and Zoot®; Consumer Solutions: Bionaire®, Breville®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lifoam®, Lillo®, Loew Cornell®, Mapa®, NUK®, Pine Mountain®, Quickie®, Spontex® and Tigex®. Headquartered in Rye, N.Y., Jarden ranks #371 on the Fortune 500 and has over 25,000 employees worldwide. For in-depth information about Jarden, please visit www.jarden.com.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.