Tupperware Brands Stock Jumps 9% On $75 Mln Accelerated Share Repurchase Program

Shares of Tupperware Brands Corp. (TUP) gained over 9% on Monday morning after the company announced $75 million accelerated share repurchase program. TUP is currently trading at $17.85, up $1.49 or 9.11%, on the NYSE.

Tupperware Brands has entered into an agreement to repurchase an aggregate of $75 million of its common stock in an accelerated share repurchase program with Wells Fargo Bank. This equates to approximately 4.6 million shares, using the closing price on February 25, 2022, and represents approximately 8.7% of Tupperware's.

Tupperware expects to fund the repurchase program with available cash on hand and revolver borrowings. Tupperware will repurchase shares as part of its existing $250 million share repurchase authorization, which was approved by its Board of Directors in June 2021.

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