Chip Jones, Richmond Times-Dispatch, Va.
Apr. 8–Brink’s Co. said yesterday that it will buy back more than 10.4 million shares of its common stock for $51.20 a share.
Since March 9, the Richmond-based armored-car and home-security company has been holding a Dutch auction, a process that allows shareholders to specify prices within a range to sell stock back to the company. Brink’s initial offer was 10 million shares at $47.50 to $52.50 a share.
The company said it will buy an additional 417,217 shares under an option that allows it to purchase an additional 2 percent of the stock.
Yesterday’s results are preliminary and subject to confirmation of proper delivery of the tendered shares. Final results will be announced after the process is completed.
The company had 58.7 million shares outstanding yesterday, according to Bloomberg News.
Brink’s officials said early this year that they wanted to return between $400 million to $600 million to shareholders through buybacks. The company is spending part of the proceeds of the $1.1 billion sale of its BAX Global transportation subsidiary.
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