Reinsurance Group of America Inc. (RGA) is using a unit of Barclays Bank P.L.C. to repurchase 2.5 million shares through a $149 million accelerated share repurchase program.
RGA, Chesterfield, Mo. (NYSE:RGA), has agreed to buy the stock from Barclays Capital Inc., a unit of Barclays, London, for about $60 per share.
Barclays will buy RGA common stock on the open market from time to time until it has acquired an equivalent number of shares, RGA says.
Barclays will then adjust the final value of the deal using an adjustment factor that will reflect the volume-weighted average price of the RGA shares during the repurchase period.
