The Company will acquire these common shares under the $700 million share repurchase authorization announced on August 22, 2013.
The Company expects to receive approximately 75% of the shares at the inception of the ASR program. The specific number of shares that the Company ultimately will repurchase will be determined at the completion of the ASR program, based generally on the daily volume-weighted average share price of the Company’s common stock during a period of up to eight months, less an agreed discount and, with respect to $100 million of the ASR program, subject to provisions that establish a minimum and maximum number of repurchased shares.
At settlement, the Company will either be entitled to receive additional shares of common stock or, under certain circumstances, be required to remit a settlement amount, payable, at the Company’s option, in cash or common stock. All common shares repurchased under the accelerated share repurchase program will be retired.
About Carter's, Inc.
Carter's, Inc. is the largest branded marketer in the United States of apparel and related products exclusively for babies and young children. The Company owns the Carter's and OshKosh B'gosh brands, two of the most recognized brands in the marketplace. These brands are sold in leading department stores, national chains, and specialty retailers domestically and internationally. They are also sold through more than 700 Company-operated stores in the United States, Canada, and Japan and on-line.
Carter's