Packaging products supplier Crown Holdings has entered into a definitive agreement with Merrill Lynch, Pierce, Fenner & Smith to buy shares of its common stock under an accelerated share repurchase program.
Initially, Crown purchased 5,016,190 shares for $200m, pursuant to the agreement and the final number of shares to be repurchased will be based on the company's volume-weighted average stock price during the term of the transaction.
According to Crown, the transaction is expected to be completed in November 2012.
US-based Crown Holdings supplies packaging products to consumer marketing companies globally through its subsidiaries.