Unum Group, headquartered in Chattanooga, Tennessee, entered into an accelerated repurchase agreement with Deutsche Bank, AG London Branch to repurchase approximately $350 million of its outstanding common stock.
The Aug. 1 announcement follows the accelerated repurchase of $350 million of the company’s stock executed in the first quarter of 2008 and completes the previously announced authorization by Unum’s board of directors to repurchase up to $700 million of the company’s stock.
Under the terms of the repurchase agreement with Deutsche Bank, Unum Group may receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement.
Any price adjustment payable to Unum Group will be settled in shares of its common stock. Any price adjustment payable to Deutsche Bank can be settled in common stock or cash, at the option of Unum Group. Unum Group expects the price adjustment to settle on or before the completion of the agreement in December 2008.
Source: Unum Group
www.unum.com
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