DUBLIN, Nov. 2, 2016 /PRNewswire/ -- Allergan plc (NYSE: AGN) today announced that it has completed its initial $5 billion in share repurchases under its previously announced share repurchase program, and its Board of Directors has approved the expansion of the share repurchase program and the initiation of a regular quarterly cash dividend for shareholders as part of the Company's capital allocation strategy. This reflects the Company's conviction in its business strategy and strong future cash flow position, allowing for periodic return of cash to shareholders through dividends and a significant share buyback program while maintaining investment grade ratings and continuing investment in stepping stone and accretive acquisitions. Logo - http://photos.prnewswire.com/prnh/20150612/222796LOGO Pursuant to the Board authorization, Allergan entered into a variable tenor accelerated share repurchase program (ASR) under which the Company will repurchase $10 billion of its ordinary shares. Approximately $8 billion worth of shares are expected to be received and retired by Allergan during November 2016, based upon Allergan stock price at certain reference points during the month. The remaining shares, if any, under the ASR will be received and retired by the third quarter of 2017, although they could be received earlier if the ASR execution is completed sooner. Up to 50 percent of the ASR Program will be collared, based upon the Allergan stock price over a reference period. This ASR follows completion of the Company's repurchase of $5 billion in common shares as part of its previously announced share repurchase program. In completing the initial $5 billion in share repurchases, the Company repurchased approximately 21 million shares in the open market at an average share price of $237.59. The Board of Directors has also authorized the initiation of a quarterly dividend of $0.70 per share with the first payment on March 28, 2017, to shareholders of record at the close of business on February 28, 2017. The Company expects to grow the dividend on an annual basis over time. "We continue to believe there is no greater investment than Allergan stock, given our powerful growth prospects. This decision underscores our commitment to continuously enhancing value creation for our shareholders. In its decision, the Board is demonstrating its confidence in our growth potential, pipeline, strong balance sheet and cash flows," said Brent Saunders, Chairman, CEO and President of Allergan. "We believe that these bold actions strike the right balance in our desire to return significant capital to our shareholders while maintaining our investment-grade credit ratings and preserving significant firepower to invest for growth." About Allergan Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical company and a leader in a new industry model - Growth Pharma. Allergan is focused on developing, manufacturing and commercializing branded pharmaceuticals, devices and biologic products for patients around the world. Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories.