Coca-Cola Consolidated Commences Tender Offer To Purchase Up To $2B In Value If Its Common Stock; Not Less Than $850 And Not More Than $925 Per Share
Portfolio Pulse from Benzinga Newsdesk
Coca-Cola Consolidated, Inc. (NASDAQ:COKE) has initiated a modified 'Dutch auction' tender offer to buy up to $2 billion of its common stock at prices between $850 and $925 per share. The final purchase price will be determined after the tender offer expires.
May 20, 2024 | 12:06 pm
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Coca-Cola Consolidated has announced a $2 billion tender offer to repurchase its common stock at prices between $850 and $925 per share. This move is likely to positively impact the stock price in the short term as it indicates the company's confidence in its own value.
The tender offer to repurchase up to $2 billion in common stock suggests that the company believes its shares are undervalued. This is generally seen as a positive signal by the market, likely leading to a short-term increase in the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100