LEXMARK TO RE-PURCHASE $100Mil IN STOCK FROM ……..

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LEXMARK TO RE-PURCHASE $100Mil IN STOCK FROM ……..

 user 2008-10-29 at 11:04:15 am Views: 101
  • #20829
    http://www.forbes.com/feeds/ap/2008/10/22/ap5593177.html
    Lexmark to repuchase $100M in stock from BofA
    DALLAS
    -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.