Express Scripts, Inc. (Nasdaq: ESRX) announced that it has entered into two accelerated share repurchase, or ASR, transactions with Morgan Stanley to purchase shares of Express Scripts' common stock for an aggregate purchase price of $1,750 million. Under the terms of the transactions, the Company will initially receive approximately 29.4 million shares of its stock. At the end of the respective valuation periods for the ASR transactions, the Company will either be required to deliver shares of its stock or the cash value thereof to Morgan Stanley, or will receive additional shares from Morgan Stanley, depending upon the daily volume-weighted average prices per share of the Company's stock during such valuation periods. The ASR transactions are expected to end in the fourth quarter of 2011, but may be accelerated at the option of Morgan Stanley.
The shares will be purchased pursuant to Express Scripts' previously announced share repurchase program.