ST. LOUIS - BellRing Brands, Inc. (NYSE:BRBR), known for its convenient nutrition products, has revealed plans for a significant share repurchase program. The company's Board of Directors has approved a new $300 million share buyback authorization set to commence on March 11, 2024, and span over the following two years.
This announcement follows the company's recent share repurchase activity, where BellRing acquired 0.2 million shares of its common stock for $12.3 million at an average price of $53.58 per share. As of today, the company has bought back approximately $79 million worth of its shares under the prior $80 million authorization, which will be replaced by the new plan next month.
The repurchases will be conducted through various means, including open market transactions, private purchases, and potentially through forward, derivative, or other alternative repurchase agreements. BellRing has stated that the authorization does not commit the company to buy a specific number of shares and that the repurchase program may be adjusted, paused, or terminated according to the company's discretion.
Factors such as market liquidity, share price, prevailing market conditions, and legal requirements will influence the timing and volume of the share repurchases. While the company has expressed intentions for the share buyback, they have also cautioned that forward-looking statements involve risks and uncertainties, and actual results could differ materially.
BellRing Brands has established a presence in the global convenient nutrition sector, offering products like ready-to-drink shakes and protein powders under its Premier Protein® and Dymatize® brands. The company distributes its products through various channels, including club stores, food outlets, drugstores, mass retailers, eCommerce, specialty shops, and convenience stores.
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