Whitbread has completed a £2bn capital return programme to shareholders.
The company announced 40,225,261 ordinary shares were successfully tendered by qualifying shareholders and will be purchased by Morgan Stanley tomorrow at a price per share of 4,972 pence per ordinary share, for a total cost of £2bn.
Whitbread previously announced its plans to return £2.5bn surplus capital to shareholders following the successful sale of Costa Coffee to Coca-Cola.
The number of ordinary shares successfully tendered represents approximately 21% of the issued ordinary share capital of the company.
The first phase of the programme was a share buyback from January to May 2019, with £482m of ordinary shares repurchased.
With the total returned to date now £2.5bn the company is not planning any further returns of capital.