FedEx Initiates $1.0 Billion Accelerated Share Repurchase Agreement as Part of Its Commitment to Enhance Capital Returns to Stockholders
December 26 2023 - 8:00AM
Business Wire
As part of its commitment to enhance capital returns to
stockholders, FedEx Corp. (NYSE: FDX) today announced that it has
entered into an accelerated share repurchase ("ASR") agreement with
Mizuho Markets Americas LLC (“Mizuho”) to repurchase $1.0 billion
of FedEx’s common stock as part of the company’s previously
announced share repurchase program. Under the terms of the ASR
agreement, FedEx will pay $1.0 billion to Mizuho and receive an
initial share delivery of approximately 3.2 million shares on
December 28, 2023, with the remainder of the shares, if any, to be
delivered no later than February 29, 2024. The total number of
shares purchased by FedEx pursuant to the ASR agreement will be
based on an average of the volume-weighted average prices of
FedEx’s common stock during the term of the ASR agreement, less a
discount.
Corporate Overview
FedEx Corp. (NYSE: FDX) provides customers and businesses
worldwide with a broad portfolio of transportation, e-commerce and
business services. With annual revenue of $88 billion, the company
offers integrated business solutions through operating companies
competing collectively, operating collaboratively and innovating
digitally as one FedEx. Consistently ranked among the world's most
admired and trusted employers, FedEx inspires its more than 500,000
employees to remain focused on safety, the highest ethical and
professional standards and the needs of their customers and
communities. FedEx is committed to connecting people and
possibilities around the world responsibly and resourcefully, with
a goal to achieve carbon-neutral operations by 2040. To learn more,
please visit fedex.com/about.
Certain statements in this press release may be considered
forward-looking statements, such as statements relating to
management’s views with respect to future events and financial
performance and underlying assumptions. Forward-looking statements
include those preceded by, followed by or that include the words
“will,” “may,” “could,” “would,” “should,” “believes,” “expects,”
“forecasts,” “anticipates,” “plans,” “estimates,” “targets,”
“projects,” “intends” or similar expressions. Such forward-looking
statements are subject to risks, uncertainties and other factors
which could cause actual results to differ materially from
historical experience or from future results expressed or implied
by such forward-looking statements. Potential risks and
uncertainties include, but are not limited to, constraints,
volatility, or disruptions in the capital markets or other factors
affecting the amount and timing of share repurchases, including our
ability to complete the ASR within the expected timeframe, the
number of shares that will be delivered to FedEx under the ASR, and
other factors which can be found in FedEx Corp.’s press releases
and filings with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date on which it is
made. FedEx does not undertake or assume any obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231222638761/en/
Media Contact: Caitlin Adams Maier 901-434-8100 Investor
Contact: Stephen Hughes 901-818-7471 Home Page: fedex.com
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