Davis Polk advised the dealer in connection with an accelerated share repurchase transaction entered into between the dealer GS and The Allstate Corporation, pursuant to which Allstate is repurchasing $250 million of its outstanding common stock. The majority of the shares to be repurchased under the transaction will be received by Allstate at the transaction’s inception. It is expected that the dealer GS will purchase the shares that it delivers under the transaction in the market no later than August 17, 2017. The final purchase price per share and number of shares to be delivered by the dealer GS will be determined at the conclusion of the transaction and settlement will consist of Allstate receiving shares based on the average of the daily volume-weighted average prices of Allstate’s common stock during the period of the dealer’s GS’s purchases. If Allstate is required to pay a settlement amount, Allstate may elect to settle in cash or shares of its common stock.

Headquartered in Northbrook, Illinois, Allstate is the largest publicly held personal lines insurer in the United States.

The Davis Polk equity derivatives team included partner Mark M. Mendez and associate Katharine O’Banion. All members of the Davis Polk team are based in the New York office.

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