Primerica (PRI) to Buyback 8.92M Common from Citi (C); Citi Will Retain 12.5% Stake
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Primerica, Inc. (NYSE: PRI) today announced that it had entered into an agreement to repurchase 8,920,606 shares of Primerica common stock beneficially owned by an affiliate of Citigroup Inc. (NYSE: C) at a purchase price of $22.42 per share.
The purchase price was determined based on the volume weighted average price of the shares of Primerica common stock since October 24, 2011. The repurchase transaction is expected to be completed on November 15, 2011. Following the repurchase transaction, Citi will own approximately 12.5% of Primerica’s outstanding common stock and, in connection with the repurchase transaction, Citi has agreed to a 30-day lockup of its remaining shares (subject to certain limited exceptions).
The purchase price was determined based on the volume weighted average price of the shares of Primerica common stock since October 24, 2011. The repurchase transaction is expected to be completed on November 15, 2011. Following the repurchase transaction, Citi will own approximately 12.5% of Primerica’s outstanding common stock and, in connection with the repurchase transaction, Citi has agreed to a 30-day lockup of its remaining shares (subject to certain limited exceptions).
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