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04.02.2019 13:17:00

Element Solutions Repurchases Majority Of Pershing Square's Holdings

(RTTNews) - Element Solutions Inc (ESI) announced the company has agreed to repurchase 37 million shares from Pershing Square Capital Management at a price of $11.72 per share. These shares represent more than 90% of Pershing Square's holdings in Element Solutions and takes their position from approximately 13% of the company's outstanding shares on a fully diluted basis to approximately 1%. Ryan Israel has elected to resign from the Board of Element Solutions Inc.

Executive Chairman Martin Franklin said, "We believe this opportunistic repurchase is by far the most efficient and earnings accretive approach for our remaining shareholders, all while keeping our leverage ratio below our stated goal of 3.5x net debt to adjusted EBITDA. This buyback utilizes approximately 58% of our previously approved buyback program, and we will continue to look at opportunities to return capital to shareholders over the balance of the year, while remaining committed to our disciplined leverage goals. Following this transaction, we expect to produce substantial free cash flow in 2019 which should bring our net leverage ratio to between 2.5x and 3.0x by year-end."

Also, Element Solutions announced the company has increased its 2019 adjusted earnings per share guidance to an updated range of $0.82 to $0.87 from a range of $0.75 to $0.80 to reflect the accretion from the announced transaction.

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