The Shaw Group (SHAW) Announces Plans to Purchase up to $150 Million of its Common Stock
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The Shaw Group Inc. (NYSE: SHAW) today announced it has commenced a modified "Dutch Auction" cash tender offer to purchase up to $150 million in value of its common stock at a price range that is not greater than $25.25 nor less than $22.25 per share.
The number of shares proposed to be purchased in the tender offer (at the minimum purchase price of $22.25 per share) represents approximately 9.5 percent of the company’s currently outstanding common shares. The price range in the tender offer represents a premium of approximately 0.3 to 13.8 percent to the last reported sales price of the company’s common stock on the New York Stock Exchange of $22.18 on Oct. 28, 2011, which was the last trading day prior to the announcement of the company’s intention to conduct a tender offer.
The last reported sales price per share of the company’s common stock on the New York Stock Exchange on Nov. 7, 2011, was $25.07 per share.
The number of shares proposed to be purchased in the tender offer (at the minimum purchase price of $22.25 per share) represents approximately 9.5 percent of the company’s currently outstanding common shares. The price range in the tender offer represents a premium of approximately 0.3 to 13.8 percent to the last reported sales price of the company’s common stock on the New York Stock Exchange of $22.18 on Oct. 28, 2011, which was the last trading day prior to the announcement of the company’s intention to conduct a tender offer.
The last reported sales price per share of the company’s common stock on the New York Stock Exchange on Nov. 7, 2011, was $25.07 per share.
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