Wire
Update: Birkenstock Shares Rise After $250 Million ASR Agreement With Goldman Sachs
(Updates with recent stock movement in the headline and the first paragraph.)Birkenstock (BIRK) shares surged more than 20% in afternoon trading on Thursday after the company said it signed a $250 million accelerated share repurchase agreement with Goldman Sachs (GS).The footwear company said it intends to take advantage of a disconnect between its share price and underlying business fundamentals.Birkenstock said it expects to initially receive six million ordinary shares, equal to 80% of the shares covered by the agreement, based on the stock's Wednesday closing price of $33.21.The repurchase program is expected to be completed before June 30, the company said.Price: $39.89, Change: $+6.68, Percent Change: +20.11%
$BIRK$GS