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Greif To Repurchase $150 Mln Of Shares

Greif, Inc. (GEF, GEF.B), an industrial packaging products and services provider, on Thursday announced a $150 million of shares buyback.

Ole Rosgaard, CEO of Greif, said: "Our decision to execute a share buyback is an important demonstration of our conviction in Greif's Build to Last strategy and our view on the value of Greif's stock, as well as our commitment to returning cash to shareholders through disciplined capital allocation..."

Towards this, the firm entered into a $75 million accelerated share repurchase deal (ASR) with Bank of America, N.A. to repurchase shares of the company's Class A stock.

It also plans to buy back a total of $75 million shares of its Class A and Class B stock in open market.

Under the ASR, the Delaware-based company will pay a sum of $75 million to receive an initial delivery of around 80 percent of the expected share repurchases, or approximately one million Class A shares.

The remaining shares will be delivered by the end of the company's first fiscal quarter of 2023.

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