Dentsply Sirona Announces $150 Million Accelerated Share Repurchase Program

Rhea-AI Summary

Dentsply Sirona (NASDAQ: XRAY) announced an accelerated share repurchase agreement totaling $150 million with Bank of America to repurchase its common stock. The initial delivery will be approximately 2.4 million shares, with final share count depending on the average stock prices during the valuation period. The ASR is expected to conclude by the end of Q2 2022, pending acceleration adjustments. This move aims to enhance shareholder value within Dentsply Sirona's current buyback authorization.

Positive

• Initiation of a $150 million accelerated share repurchase, aimed at boosting shareholder value.
• Expected acquisition of approximately 2.4 million shares, enhancing EPS through share reduction.

Negative

• None.

CHARLOTTE, N.C., March 09, 2022 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona”) (Nasdaq: XRAY) today announced that it has entered into an accelerated share repurchase agreement (the “ASR”) with Bank of America, National Association to repurchase $150 million of its common stock. The ASR agreement will be completed under Dentsply Sirona’s current share repurchase authorization.

Under the terms of the ASR, Dentsply Sirona will initially receive delivery of approximately 2.4 million shares. The final number of shares will be based on the average of the daily volume-weighted average stock prices of Dentsply Sirona common stock during the valuation period of the ASR, less a discount and subject to adjustments. The resulting adjustments may affect the total amount expended or the aggregate number of shares repurchased. Final settlement of the ASR is expected to be completed before the end of the second quarter of 2022, subject to acceleration.

About Dentsply Sirona

Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solution offering, including dental and oral health products as well as other consumable medical devices under a strong portfolio of world class brands. Dentsply Sirona’s products provide innovative, high-quality and effective solutions to advance patient care and deliver better and safer dental care. Dentsply Sirona’s headquarters are located in Charlotte, North Carolina. The company’s shares are listed in the United States on NASDAQ under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products.

Contact Information
Investors:
Andrea Daley
VP, Investor Relations
+1-704-805-1293
InvestorRelations@dentsplysirona.com

FAQ

What is the amount of Dentsply Sirona's share repurchase program?

Dentsply Sirona has announced a $150 million accelerated share repurchase agreement.

When will the accelerated share repurchase be completed?

The completion of the accelerated share repurchase is expected before the end of Q2 2022.

How many shares will Dentsply Sirona initially receive under the ASR?

Dentsply Sirona will initially receive approximately 2.4 million shares.

Who is managing the share repurchase agreement for Dentsply Sirona?

The share repurchase agreement is managed by Bank of America.