Life sciences company Azenta enters $500 million ASR with JP Morgan Chase

0
7

Life sciences company Azenta Inc. AZTA, +1.81% said Wednesday it has entered an accelerated share buyback agreement with JP Morgan Chase Bank to buy back $500 million of its own share. The deal is part of a plan to buy back up to $1.5 billion of its stock. “In addition to the ASR, the Company intends to repurchase at least an additional $500 million in common stock over the next year,” the company said in a statement. Companies are hurrying to buy back their own stock ahead of the imposition of a 1% tax starting in 2023. Shares were up 2.7% premarket, but have fallen 44% in the year to date, while the S&P 500 SPX, +0.59% has fallen 16%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleMarket Extra: Hedge-fund manager Bill Ackman says the Hong Kong dollar is his ‘big short’ right now
Next article: This Thanksgiving, people are traveling like it’s 2019

LEAVE A REPLY

Please enter your comment!
Please enter your name here