Visa (NYSE: V) today announced that it had deposited $700 million into the litigation escrow account previously established under the Company's retrospective responsibility plan (the "Plan").
Under the Plan, the $700 million deposit has the effect of a repurchase by the Company of 11,578,878 shares of Class A common stock at approximately $60.45 per share, on an as-converted basis, by reducing the as-converted Class B common stock share count from 154,566,658 to 142,987,780. The deposit and price per share calculations were conducted in accordance with the Company's certificate of incorporation using the volume-weighted average price over the 11-day pricing period from June 30, 2009 through July 15, 2009. As a result of the deposit, the conversion rate applicable to the Company's Class B common stock has decreased from 0.6296 to 0.5824. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.