Date: Wednesday October 29, 2008 11:04:15 am
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AnonymousInactive
http://www.forbes.com/feeds/ap/2008/10/22/ap5593177.htmlLexmark to repuchase $100M in stock from BofADALLAS
-Lexmark International Inc. said Wednesday it has agreed to buy back
$100 million of its shares from Bank of America.Lexmark said it agreed
after the market closed Tuesday to pay $25.71 per share – the stock’s
closing price for the day – in an accelerated-buyback
agreement.Lexington, Ky.-based Lexmark said in a Securities and
Exchange Commission filing that it would pay for the stock out of cash.
Bank
of America agreed to turn over 3.3 million shares, 85 percent of the
purchase, on Friday. For the rest of the term of the agreement, the
number of shares Bank of America will deliver will be adjusted based on
daily volume-weighted average prices. The buybacks are expected to be
completed by year end, Lexmark said.
Lexmark said $506 million
remains under its current stock buyback authorization following the
transaction.Shares of the computer printer maker rose 80 cents, or 3.1
percent, to close at $26.51. Bank of America shares fell $1.31, or 5.5
percent, to $22.66.
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