Home Depot Buys Shares, Adjusts Guidance
The company had originally forecast a decline of 12% to 15% per share but has adjusted its outlook to a decline of 7% to 9% for the fiscal year.
Home Depot will spend $10.7 billion, excluding expenses, to complete the offer, which represent s14.6% of the shares outstanding on August 31.
The shares purchased 250 million shares the company initially offered to purchase and 39.3 additional shares.
Home Depot now has approximately 1.69 billion shares outstanding.
"We are pleased to successfully complete the tender offer, which brings us almost halfway to fulfilling our $22.5 billion recapitalization plan," said Frank Blake, chairman and CEO. "We continue to evaluate financial market conditions and will execute the rest of the plan as soon as practicable."
To complete its $22.5 billion recapitalization plan, Home Depot may repurchase additional shares.