Adient announces increased share repurchase authorization and adoption of tax benefits preservation plan
Adient's board approved a $400M increase to its share repurchase authorization, bringing the total program to $1 billion with $435 million currently remaining. The company has repurchased $565 million of shares under the program launched in November 2022, which management framed as reflecting confidence in cash flow generation and disciplined capital allocation. The board also adopted a Tax Benefits Preservation Plan to protect approximately $3.5 billion of usable tax attributes (NOL carryforwards) from an unintended Section 382 ownership change.
Key figures
- Buyback increase
- $400M
- Nol offset capacity
- $3.5 billion
- Total authorization
- $1 billion
- Rights exercise price
- $83.50
- Previously repurchased
- $565 million
- Remaining authorization
- $435 million
- Rights trigger ownership
- 4.95%
AI analysis
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