Corning Signs Deal For $1 Bln Accelerated Share Buyback

(RTTNews) - Specialty glass maker Corning Inc. (GLW), Thursday said it entered into an accelerated share repurchase or ASR agreement, as a part of its $2 billion share repurchase program, with JPMorgan Chase Bank, National Association, London Branch to buyback $1 billion of its shares. Corning expects to finance the ASR with cash on hand.

Pursuant to the ASR, Corning has agreed to repurchase $1 billion of its shares from JPMorgan in total, with an initial delivery of about 47 million shares based on current market prices. The agreement is expected to close in the first quarter of 2014. The company's remaining outstanding share repurchase authorization is about $1.5 billion, after the recent buyback of about 30 million shares for approximately $500 million, under the April 24, 2013 program.