Woolworths Group has successfully completed the $1.7 billion off-market buy-back announced last month, following the sale of its petrol business.
Due to the strong demand for the buy-back, a 84.68 per cent scale back of offers was required, and structured to avoid disadvantaging shareholders with small holdings.
“We are pleased with the outcome and the strong level of investor interest. Completion of the off-market buy-back fulfils the Board’s commitment to return the proceeds from the Woolworths Petrol sale to shareholders,” Woolworths Group chairman Gordon Cairns said.
Cairns said that the Woolworths Group balance sheet will remain strong following the buy-back, and will allow “sufficient flexibility for future growth”.
Extracted from Inside FMCG