Why Are Tupperware Brands Shares Trading Higher Today

Tupperware Brands Corp TUP has entered into an agreement to repurchase an aggregate of $75 million of its common stock in an accelerated share repurchase (ASR) program with Wells Fargo Bank N.A.
The agreement equates to about 4.6 million shares, using the closing price on February 25, 2022, and represents about 8.7% of Tupperware's fully diluted outstanding stock as of the date.
The company will repurchase shares under the ASR program as part of its existing $250 million repurchase authorization.
Tupperware expects to fund the ASR program with available cash on hand and revolver borrowings. It held $267.2 million in cash and equivalents as of December 25, 2021.
Tupperware will receive an initial delivery of 3.4 million shares, and the final number of shares will be based on daily volume-weighted average prices. The ASR program is expected to be completed in Q2 FY22.
Price Action: TUP shares are trading higher by 11% at $18.16 on the last check Monday.