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LXK > SEC Filings for LXK > Form 8-K on 7-May-2014All Recent SEC Filings




Other Events

Item 8.01. Other Events.

After the close of the markets on May 6, 2014, Lexmark International, Inc. (the "Company") entered into an accelerated share repurchase agreement ("ASR Agreement") with The Bank of Nova Scotia ("Scotiabank"). Pursuant to the terms of the ASR Agreement, the Company will purchase $19 million of the outstanding shares of its Class A Common Stock from Scotiabank. Under the ASR Agreement, Scotiabank will deliver 383,975 shares to Lexmark on May 9, 2014, equal to 85 percent of the shares that would be repurchased at a price of $42.06, the closing price of Lexmark's Class A Common Stock on May 6, 2014. The number of shares to be delivered to Lexmark by Scotiabank under the ASR Agreement shall be adjusted based on a discount to the average of the daily volume weighted average price of Lexmark's Class A Common Stock during the term of the ASR Agreement. If the number of shares to be delivered to Lexmark is less than the initial delivery of shares by Scotiabank, Lexmark may be required to remit shares or cash to Scotiabank as a result of such adjustment. The share repurchases are expected to be completed during the second quarter of 2014.

After entering into the transaction described above, Lexmark now has approximately $129 million of share repurchase authority remaining.

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