UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Section 8 — | Other Events |
| Item 8.01. | Other Events. |
On February 25, 2020, American International Group, Inc. (the “Company”) announced that it has entered into an accelerated share repurchase (“ASR”) agreement with Citibank, N.A. to repurchase $500 million of the Company’s common stock, par value $2.50 per share (“Common Stock”). Under the ASR agreement, the Company will receive initial delivery of approximately 7.66 million shares on February 25, 2020, representing approximately 70% of the number of shares of Common Stock initially underlying the ASR agreement based on the closing price of the Company’s Common Stock of $45.70 on February 24, 2020. The total number of shares to be repurchased will be based on the volume-weighted average price of the Company’s Common Stock during the term of the transaction, less a discount, and subject to potential adjustments pursuant to the terms and conditions of the ASR agreement. The final settlement of the transaction under the ASR agreement is expected to be completed no later than March 31, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN INTERNATIONAL GROUP, INC. (Registrant) | |||
| Date: February 25, 2020 | By: | /s/ Kristen W. Prohl | |
| Name: | Kristen W. Prohl | ||
| Title: | Assistant Secretary | ||