Item 7.01. Regulation FD Disclosure
On June 23, 2022 management of Greif, Inc. (the "Company") hosted an Investor
Day presentation and webcast with interested investors (the "Investor Day
presentation"). Management provided an overview of the Company's Build to Last
strategy, and the Company's Global Industrial Packaging and Paper Packaging &
Services business segments, as well as a discussion of the Company's financial
position and outlook. The file transcript of the Investor Day presentation is
attached as Exhibit 99.1 to this Current Report on Form 8-K.
On June 23, 2022, the Company issued a press release announcing a $150.0 million
Share Repurchase Program. On that same day the Company entered into a $75.0
million accelerated share repurchase agreement with respect to shares of its
Class A common stock. In connection with entering into the share repurchase
agreement, the Company made a payment of $75.0 million and received an initial
delivery of approximately 80% of the expected share repurchase, or approximately
one million shares of Class A common stock with any remaining shares expected to
be to delivered by the end of the Company's first fiscal quarter of 2023.
The remaining $75.0 million of share repurchases will be made in open market
transactions executed over the next 12 to 18 months in accordance with Rule
10b-18 promulgated under the Securities Exchange Act of 1934 and will involve
shares of the Company's Class A common stock and Class B common stock. The
timing of any such repurchases will depend on market conditions and will be made
at the Company's discretion. While the Company intends to repurchase up to $75.0
million of shares in such manner, it is not obligated to repurchase any dollar
amount or number of class of shares and may suspend or discontinue repurchases
at any time. The full text of the press release is attached as Exhibit 99.2 to
this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. Description
99.1 File transcript of Investor Day presentation organized by management of Greif,
Inc. on June 23, 2022.
99.2 Press release issued by Greif, Inc. on June 23, 2022 announcing a $150.0
million Share Repurchase Program.
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