Chegg announces $150 million accelerated share repurchase with Morgan Stanley Bank

Education company Chegg Inc.’s stock CHGG rose 2.6% premarket Wednesday, after the company announced a $150 million accelerated share repurchase with Morgan Stanley Bank N.A. Chegg will make an initial payment of $150 million in return for 13.5 million shares of its common stock by Nov. 15. The final number of shares will be based on the average price of the stock during the term of the ASR. The company had $153.7 million remaining of a previously announced $2.2 billion share buyback program as of Oct. 31. Some $3.7 million will remain available after the ASR. The stock has fallen 65% in the year to date, while the S&P…