Birkenstock Holding (BIRK) has signed a $250 million accelerated share repurchase agreement with Goldman Sachs (GS), Birkenstock said Thursday.

The footwear company said it intends to take advantage of a disconnect between its share price and underlying business fundamentals.

Birkenstock said it expects to initially receive six million ordinary shares, equal to 80% of the shares covered by the agreement, based on the stock's Wednesday closing price of $33.21.

The repurchase program is expected to be completed before June 30, the company said.

Birkenstock shares were up nearly 2% in recent Thursday premarket activity.