2023-03-13 17:59:26 ET
- ODP ( NASDAQ: ODP ) said Monday it agreed to repurchase 2 million of its shares from HG Vora at $44.55 apiece, for a total purchase price of about $89.1 million.
- ODP expects to borrow from its asset-based lending facility to fund the buyback.
- ODP’s board authorized the transaction as part of its existing $1 billion share repurchase program.
- Once ODP completes buyback, HG Vora will own 3 million ODP shares, and its stake in the company will come down to 7.9% from 12.4%.
- Press Release .
For further details see:
ODP buys back shares from HG Vora worth ~$89.1M