Masco Corp. To Expeditiously Buy Back $500 Mln Of Shares

(RTTNews) - Masco Corporation (MAS), a home improvement products maker, said on Tuesday that it has entered into an accelerated share repurchase or ASR agreement with Wells Fargo Bank and National Association to repurchase its $500 million shares.

Masco has an existing share repurchase authorization of $2 billion announced last year.

Under the ASR agreement, Masco will receive initial delivery of around 7.9 million shares on May 10, representing around 85 percent of shares. It is based on the closing price of the Masco's common stock of $53.76 on May 9.

The final number of shares to be repurchased will be based on Masco's volume-weighted average price during the term of the transaction, which is expected to be completed before July 27.