The Allstate Corporation $500 Million Accelerated Share Repurchase

Davis Polk advised Goldman, Sachs & Co. (“GS”) in connection with an accelerated share repurchase transaction entered into between GS and The Allstate Corporation (“Allstate”), pursuant to which Allstate is repurchasing $500 million of its 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 GS will purchase the shares that it delivers under the transaction in the market within a timeframe not to exceed three months. The final purchase price per share and number of shares to be delivered by 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 GS purchases. If Allstate is required to pay a settlement amount, it 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 partners James T. Rothwell and Mark M. Mendez and associate Katharine O’Banion. All members of the Davis Polk team are based in the New York office.