Scotts Miracle-Gro starts buyback |
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Wed, 10 Jan 2007 16:29
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MARYSVILLE, Ohio (AFX) - Lawn and garden company Scotts Miracle-Gro Co. on Wednesday said it started a previously announced buyback of 4.5 million shares of company stock in a price range of $48.50 to $55.50 per share.Scotts, whose brands include Miracle-Gro plant food, Ortho pesticide and Turf Builder, is conducting the buyback through a Dutch auction, in which the company will determine the lowest price per share within the range that will allow it to buy as many shares as possible.The high end of the buyback range represents a maximum repurchase of $250 million in stock. It also reflects a 9 percent premium to the stock's closing price of $50.83 on Dec. 11, 2006, or the day before the company announced the buyback.The buyback represents about 7 percent of the company's outstanding shares.Bank of America Securities is the underwriter.The offer expires Feb. 8 and is subject to the closing of a $2.1 billion credit facility from JPMorgan Chase Bank, Bank of America and Citigroup Global Markets Inc.Shares of Scotts Miracle-Gro rose 36 cents to $52.40 in morning trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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