Ashurst advises Woolworths on A1 7 billion off-market share buy-back

Sound capital management is a key priority for the Woolworths Group Board. Following the recently completed sale of its petrol business, Woolworths Group has decided to return up to A$1.7 billion to shareholders by way of an off-market share buy-back. The Board considered various alternatives for returning capital to shareholders and determined that undertaking the buy-back is the most efficient and value–enhancing strategy to distribute Woolworth Group's surplus capital and franking credits.

The buy-back will enable eligible shareholders to offer to sell their shares to Woolworths Group at a discount between 10% to 14% (at 1% intervals) to the Market Price, or at the Buy-Back Price determined by Woolworths Group following completion of the tender process. The Buy-Back Price will be determined as the lowest price at which Woolworths Group can buy-back the targeted amount of capital.

The offer period runs from 16 April to 24 May 2019. The buy-back price and any scale back will be announced and buy-back contracts entered into on 27 May 2019, with the buy-back proceeds to be paid on 30 May 2019.

The Ashurst team was led by partner Sarah Dulhunty with support from senior associate Simon Vose and associate Diana Oh. Partner Stuart Rubin advised on US securities law aspects of the transaction.

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Deals 03 Apr 2019 Ashurst advises Woolworths on A$1.7 billion off-market share buy-back

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