Tapestry (TPR) announced that it entered into Accelerated Share Repurchase agreements with Bank of America N.A. and Morgan Stanley & Co. to repurchase $2B shares of Tapestry common stock. The ASRs will be completed under the company’s recently expanded $2.8B share repurchase authorization. With the ASRs, the company expects to return over 100% of its free cash flow in Fiscal 2025 to shareholders through dividends and share repurchases. Under the ASR agreements, Tapestry will pay $2B to the Dealers and expects to receive an initial delivery of 28.4M shares of Tapestry common stock on November 26, representing approximately 80% of the expected shares to be repurchased under the ASR agreements. The final settlement of the transactions under the ASR agreements is expected to occur no later than the first quarter of Fiscal 2026 ending September 27, 2025.
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