Johnson Controls Offering to Buy Back Up to $4 Billion of Its Shares
04 May 2019 - 7:12AM
Dow Jones News
By Stephen Nakrosis
Johnson Controls Intl. PLC (JCI) said Friday it opened a cash
tender for up to $4 billion of its ordinary shares in what the
company called a "modified Dutch auction."
The process allows shareholders to set a price, in a range
between $36 and $40 a share, at which they would be willing to sell
their shares.
The offer is scheduled to expire at 11:59 p.m. EDT on May 31
unless extended by the company.
Following the expiration, Johnson Controls will determine the
single per-share price it will pay.
Johnson Controls said the purchase price will be the lowest
price per share within the set price range that enables it to
purchase the maximum number of shares having an aggregate purchase
price not exceeding $4 billion.
All shares purchased in the offer will be purchased at the same
purchase price regardless of whether the shareholder tendered at a
lower price, it said.
Johnson Controls said it would fund the buyback with proceeds
from the sale of its Power Solutions business, which was completed
April 30.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 03, 2019 16:57 ET (20:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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