BURLINGTON, Mass. and FRISCO, Texas, US — Keurig Dr Pepper Inc. announced that its Board of Directors has authorized a share repurchase program of up to $4 billion of the Company’s outstanding common stock (“shares”), enabling the Company to opportunistically return value to shareholders.
The $4 billion authorization is effective for four years, beginning on January 1, 2022 and expiring on December 31, 2025 and does not require the purchase of any minimum number of shares.
Based on the closing price of Keurig Dr Pepper shares as of September 29, 2021, the full authorization would currently represent approximately 8% of the Company’s outstanding common stock.
KDP may purchase shares from time to time at the discretion of management through open market purchases, privately negotiated transactions, block trades, accelerated or other structured share repurchase programs, or other means.
The manner, timing, pricing and amount of any transactions will be subject to the discretion of KDP and may be based upon market conditions, regulatory requirements and alternative opportunities that KDP may have for the use or investment of its capital.
In connection with the announcement and the Company’s virtual Investor Day event, the Company also reaffirmed its outlook for 2021 constant currency net sales growth in the range of 6% to 7% and Adjusted diluted EPS growth in the range of 13% to 15%.
