Bâloise Holding AG will boost a planned buyback to 3 million shares from 1 million in a bid to offset the dilutive effects of a convertible bond that matured in November, it said Dec. 12.

About a third of the convertible bond was converted into shares, with the remainder repaid using the proceeds of selling into the market the roughly 1.8 million shares that had been reserved for the bond.

The expansion of the share buyback is designed to offset the EPS dilution caused by the elevated number of shares in circulation, the company said.

The buyback will be carried out over three years.