News Column

ALLSTATE CORP FILES (8-K) Disclosing Other Events

August 4, 2014



Item 8.01. Other Events.

On August 1, 2014, the Registrant entered into an accelerated share repurchase agreement with Morgan Stanley & Co. LLC ("Morgan Stanley"), to purchase $750 million of its outstanding common stock. The majority of the shares to be repurchased under this agreement will be received by the Registrant at the agreement's inception. It is expected that Morgan Stanley will purchase the shares that it delivers under the agreement in the market within a timeframe not to exceed four and one half months. The final purchase price per share and number of shares to be delivered by Morgan Stanley will be determined at the conclusion of the agreement and settlement will consist of the Registrant receiving shares based on the average of the daily volume weighted average prices of the Registrant's common stock during the period of Morgan Stanley purchases. If the Registrant is required to pay a settlement amount, the Registrant may elect to settle in cash or shares of its common stock.

The agreement is part of the Registrant's repurchase program totaling $2.5 billion that was announced on February 19, 2014. All of the shares acquired by the Registrant under the agreement will be placed into its treasury.

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Source: Edgar Glimpses


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