FTI Consulting Inc. said Monday it has agreed to accelerate the repurchase of $250 million of its stock from Goldman, Sachs & Co. FTI Consulting will pay the $250 million from available cash on hand to repurchase outstanding shares and will receive most of the shares no later than Nov. 12. All repurchased shares will be retired, the company said in a statement. The number of shares to be repurchased will be based on the volume-weighted average share price of the company's common stock during the term of the agreement. The repurchase is part of the $500 million share repurchase program announced on Nov. 4. Goldman Sachs is expected to purchase shares of the company's common stock in the open market in connection with the accelerated share buyback. The agreement contemplates that final settlement may occur in July 2010, although under certain circumstances, in Goldman Sachs' discretion, the completion date may be accelerated. At settlement, the company may be entitled to receive additional shares of common stock from Goldman Sachs or under certain circumstances may be required to make a payment to Goldman Sachs. Shares of FTI Consulting rose $1.09, or 2.4 percent, to $46.49. |