Seaboard To Repurchase $600 Mln Shares
(RTTNews) - Seaboard Corp (SEB), an agriculture and transportation conglomerate, on Monday announced a share repurchase program where the company will buy back 189,724 shares of common stock at a purchase price of $3,162.50 per share.
The repurchase program is expected to close on or about October 10.
The buyback reflects a 15.7 percent discount to the 180-day volume weighted average trading price of the common stock as of October 6 and a 13.5 percent discount to the closing price of the common stock as of October 6.
The total consideration will be around $600 million and the shares will be purchased from entities affiliated with Ellen Bresky, the chairwoman of the board of directors, and other members of the Bresky family.
The repurchased shares will be retired and will be funded by a combination of cash, cash from the sale of marketable securities, and a draw on Seaboard's existing credit facilities.
On Friday, shares of Seaboard, closed at $3655.57, up 0.06% on the New York Stock Exchange.
