Express Scripts Announces Accelerated Share Repurchase Transaction

(RTTNews) - Express Scripts Holding Company (ESRX), Tuesday said it entered into an accelerated share repurchase or ASR transaction with Bank of America, N.A. to purchase Express Scripts' common shares for an aggregate price of $1.5 billion. The transaction will be funded with cash on hand, and is expected to close by end of 2014 second quarter.

Pursuant to the terms, Express Scripts will at first receive about 20.1 million shares of its stock, and at the end it will either be required to deliver shares of its stock or the cash value thereof to Bank of America, or will receive additional shares from Bank of America, depending upon the daily volume-weighted average share prices of Express Script's stock during such valuation period. The shares will be purchased with respect to Express Scripts' previously announced share repurchase program.