LEXMARK WANTS TO BUY-BACK ANOTHER $150M IN SHARES

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LEXMARK WANTS TO BUY-BACK ANOTHER $150M IN SHARES

 user 2008-09-05 at 3:40:30 pm Views: 64
  • #20387

    http://www.streetinsider.com/Stock+Buybacks/Lexmark+International+(LXK)+Enters+Into+Accelerated+$150+Million+Repurchase+Agreement/3960381.html
    Lexmark International (LXK) Enters Into Accelerated $150 Million Repurchase Agreement
    September, 2008 As previously disclosed in a Current Report on Form 8-K filed on May 20, 2008, the Board of Directors of Lexmark International (NYSE: LXK) approved the repurchase of an additional $750 million of its Class A Common Stock, raising its share repurchase authority to approximately $1 billion at that time. The Company now has approximately $613 million of share repurchase authority remaining.

    After the close of the markets on August 28, 2008, Lexmark International entered into an accelerated share repurchase agreement with Citibank, N.A. Pursuant to the terms of the ASR Agreement, the Company will purchase $150 million of the outstanding shares of its Class A Common Stock from Citibank. The Agreement requires Citibank to deliver to the Company on September 3, 2008, 3,455,285 shares, equal to 85% of the shares that would be repurchased at a price of $36.90, the closing price of the Company’s Class A Common Stock on August 28, 2008.Lexmark International is a developer, manufacturer and supplier of printing and imaging solutions for offices and homes.