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Hancock Whitney enters share repurchase agreement with Morgan Stanley

Hancock Whitney Corp. entered into an accelerated share repurchase agreement with Morgan Stanley & Co. LLC to repurchase $185 million of Hancock Whitney's common stock.

Under the agreement, Hancock Whitney will pay Morgan Stanley $185 million and will receive an initial delivery of approximately 3.6 million common shares on the same day.

The actual number of shares to be delivered in the transaction will be based on the volume-weighted average price per share of Hancock Whitney's common stock during the term of the repurchase agreement less a specified discount.

The final settlement of the repurchase agreement is scheduled to occur no later than the third quarter of 2020, and the repurchase will be completed under Hancock Whitney's current stock buyback program.