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ODP Enters $150M ASR Agreements; Adds $150M To Repurchase Plan

  • ODP Corp (NASDAQ: ODP) has signed an accelerated share repurchase plan (ASR) agreement with Goldman Sachs & Co LLC and JPMorgan Chase Bank to repurchase an aggregate of $150 million of stock. ODP will execute the ASRs under its existing stock repurchase program.

  • When combined with previously completed share repurchases, ODP has committed to return more than $300 million of capital to shareholders in 2021.

  • Under the agreement, the company will receive an initial delivery of approximately 2.8 million shares by November 18, 2021. The final settlement of the ASRs is expected to be completed in Q1 or Q2 of 2022.

  • Additionally, the company's board authorized a $150 million increase in the existing $300 million stock repurchase program to $450 million. Accordingly, the company will have approximately $142 million available for additional share repurchases through June 30, 2022, following entering into the $150 million ASR.

  • The company held 3 million in cash and equivalents as of September 30, 2021.

  • Price Action: ODP shares closed lower by 1.12% at $39.64 on Tuesday.

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