Express Scripts Holding Co. has launched a $2.8 billion accelerated share repurchase agreement with Morgan Stanley & Co.
Under terms of the agreement, St. Louis-based Express Scripts will receive an initial delivery of about 32.1 million shares of its common stock in exchange for a prepayment of $2.8 billion. The final number of shares to be repurchased will be determined by the average price of the company’s stock during the transaction.
The share repurchase is expected to be complete during the third quarter.
Read more: St. Louis Business Journal