THE ALLSTATE CORPORATION (NYSE:ALL-D) Files An 8-K Other Events
Item 8.01. Other Events.
On December14, 2018, the Registrant entered into an accelerated share repurchase agreement with Wells Fargo Bank, National Association (“Wells Fargo”), to purchase $1 billion of its outstanding common stock. The majority of the shares to be repurchased under this agreement will be received by the Registrant at the agreement’s inception. It is expected that Wells Fargo will purchase the shares that it delivers under the agreement in the market no later than May3, 2019. The final purchase price per share and number of shares to be delivered by Wells Fargo will be determined at the conclusion of the agreement and settlement will consist of the Registrant receiving shares based on the average of the daily volume weighted average prices of the Registrant’s common stock during the period of Wells Fargo’s purchases. If the Registrant is required to pay a settlement amount, the Registrant may settle in shares of its common stock or, under certain circumstances, may elect to settle in cash. All of the shares acquired by the Registrant under the agreement will be placed into its treasury.
The agreement is part of the Registrant’s repurchase program totaling $3 billion that was announced on October31, 2018. Excluding repurchases under this agreement, during 2018 the Registrant has repurchased 14.2 million common shares in total as of December13, 2018, for an aggregate amount of $1.35 billion.
