Chipotle Mexican Grill Inc. has announced that it is entering into an agreement with a broker to effect repurchases of the company's Class B common stock, or single class of common stock, if a pending proposal to convert into a single class of common stock is approved by Chipotle's shareholders.
The repurchases, which have been approved by the company's Board of Directors, may commence as soon as Nov. 11, and will be effected from time to time in open market transactions, subject to market conditions. The repurchases, if any, will be limited to a total aggregate purchase price of $100 million, exclusive of commissions.
"We're pleased that our strong balance sheet and operating cash flow allow us to fund our growth, while also opportunistically returning value to our shareholders through this repurchase agreement," said Jack Hartung, chief financial officer.
The repurchase agreement and the board's authorization of the repurchase program may be modified, suspended or discontinued at any time.
