Greif Adopts $150M Stock Buyback Program

Greif Inc GEF has entered into a $75 million accelerated share repurchase agreement (ASR) with Bank of America, N.A.
Also, the company plans to repurchase an aggregate of $75 million shares of its Class A and Class B stock in open market purchases.
Under the ASR, Greif will pay $75 million and receive an initial delivery of about 80% of the expected share repurchases. The remaining shares are expected to be delivered by the end of the first fiscal quarter of 2023.
Greif held $108.7 million in cash and equivalents as of April 30, 2022.
Price Action: GEF shares are trading higher by 6.62% at $62.63 on the last check Thursday.