A large financial services company will be investing more cash in its own stock.
Lincoln National Corp., Philadelphia, says it has agreed to buy about 2.3 million shares of its common stock from an outside broker-dealer using an accelerated stock repurchase program.
The cost of the repurchase will be about $150 million, but the final total will depend on the market value of Lincoln stock, the company says.
Lincoln hopes to finish buying the stock by the end of the year.
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
