Structuring Share Repurchases: Rule 10b‑18 and Rule 10b5‑1 Applied to Open‑Market Share Repurchase Programs, Accelerated Share Repurchase Transactions and Enhanced Open‑Market Share Repurchase Transactions

On July 1, 2025, Cravath prepared a memo for its clients entitled “Structuring Share Repurchases: Rule 10b‑18 and Rule 10b5‑1 Applied to Open‑Market Share Repurchase Programs, Accelerated Share Repurchase Transactions and Enhanced Open‑Market Share Repurchase Transactions.”

The memo examines share repurchase programs—a tool used by many public companies to return capital to shareholders—and provides insight into how the different types of transactions available to execute share repurchases may take advantage of the legal protections offered by the Rule 10b‑18 safe harbor and Rule 10b5‑1 of the Securities Exchange Act of 1934.

Please click here to read the memo.