Corning to Buy Back Part of Samsung Display's Stake
April 05 2021 - 7:46AM
Dow Jones News
By Colin Kellaher
Corning Inc. on Monday said it will buy back part Samsung
Display Co.'s stake in the company as part of an agreement that
extends its relationship with the Samsung Electronics Co. unit into
2028.
Corning said Samsung Display will convert the preferred shares
it received in connection with Corning's 2014 acquisition of full
ownership of their Samsung Corning Precision Materials Co. venture
into 115 million common shares, or a roughly 13% stake.
The Corning, N.Y., maker of specialty glass said it plans to buy
back 35 million of those shares this month, reducing Samsung
Display's stake to about 9% and Corning's fully diluted share count
by about 4%.
Corning said Samsung Display will then maintain its stake until
at least 2028.
Corning said the transaction eliminates the preferred held by
Samsung, improves its capital structure and reduces its aggregate
dividend commitment.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 05, 2021 08:31 ET (12:31 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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