PHILADELPHIA, Dec. 2, 2010 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) today announced that it has entered into a definitive agreement with Citigroup Global Markets, Inc. to purchase shares of its common stock under an accelerated share repurchase program. Pursuant to the agreement, Crown purchased 4,354,838 shares, currently estimated to be approximately 90 percent of the shares to be repurchased, immediately from Citigroup for $150 million. The final number of shares to be repurchased and the aggregate cost to Crown will be based on Crown's volume-weighted average stock price during the term of the transaction, which is expected to be completed in April of 2011. In a previous separate agreement finalized November 8, 2010, Crown purchased a total of 3,432,251 shares for an aggregate purchase price of $100 million.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward- looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the volume-weighted average share price through expected completion of the repurchase agreement, the actual completion date of the repurchase agreement, the final number of shares repurchased, the aggregate cost to Crown and whether Crown elects to satisfy any settlement payment in cash or in stock, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of Crown to differ are discussed under the caption "Forward-Looking Statements" in Crown's Form 10-K Annual Report for the year ended December 31, 2009 and in subsequent filings made prior to or after the date hereof. Crown does not intend to review or revise any particular forward-looking statement in light of future events.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, PA. For more information, visit our website at www.crowncork.com.
For more information, contact:
Thomas A. Kelly, Senior Vice President – Finance, (215) 698-5341, or
Ed Bisno, Bisno Communications, (212) 717-7578.
SOURCE Crown Holdings, Inc.