Lincoln Financial Group, a Philadelphia insurer, announced Monday that it had agreed to buy about 5.5 million shares of its common stock from a third-party broker-dealer using an accelerated stock repurchase program for an initial price of $350 million.
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Under the sale's terms Lincoln may pay a price adjustment based on the volume-weighted average market price of its common stock during the program's term. The price adjustment can be settled, at Lincoln's option, in cash or in shares of its common stock. It said it expects the program to be completed early in the fourth quarter.
Lincoln remains authorized to repurchase up to an additional $971.6 million of its securities.
