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STOCK REPURCHASE PROGRAM
9 Months Ended
Sep. 30, 2016
STOCK REPURCHASE PROGRAM  
STOCK REPURCHASE PROGRAM

NOTE 11 — STOCK REPURCHASE PROGRAM

 

The Company announced the $350 million share repurchase program in effect for the quarter ended September 30, 2016 on October 30, 2014.  On October 20, 2016, the Company announced a new share repurchase authorization of up to $350 million of common stock.  This authorization replaces previous authorizations and has no expiration date.  AptarGroup may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. 

 

On December 16, 2014, the Company entered into an agreement to repurchase approximately $250 million of its common stock under an accelerated share repurchase program (the “ASR program”). The ASR program is part of the Company’s $350 million share repurchase authorization.  On December 17, 2014, the Company paid $250 million to Wells Fargo Bank N.A. (“Wells Fargo”) in exchange for approximately 3.1 million shares. On September 25, 2015, the Company settled the ASR program with Wells Fargo and received approximately 719 thousand additional shares.  The total number of shares repurchased under the ASR program was approximately 3.8 million shares.

 

Shares repurchased subsequent to the completion of the ASR program have been immediately retired.  During the three and nine months ended September 30, 2016, the Company repurchased approximately 463 thousand and 1.1 million shares for approximately $36.1 million and $84.8 million, respectively. During the three and nine months ended September 30, 2015, the Company did not repurchase any additional shares outside of the ASR program settlement.  As of September 30, 2016, there was $1.3 million of authorized share repurchases available to the Company.