Domino's Pizza to buy back 2,242 shares |
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Mon, 12 Mar 2007 23:44
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ANN ARBOR, Mich. (AP) - Domino's Pizza Inc. said Monday it accepted 2,242 shares of its common stock for $67,260 in a modified 'Dutch auction' tender offer that expired Friday.In a 'Dutch auction,' a company sets a price range and shareholders submit an offer to sell their shares at a price within the range. The company then determines the price, based on the submitted offers, that allows it to buy back the allotted number of shares.The purchase price was $30 per share.'Domino's Pizza is pleased with the results of the tender offer and will continue with its recapitalization plan as previously disclosed,' the pizza delivery chain said.The company had offered to buy up to 13.85 million shares at a price between $27.50 and $30 each as part of its recap plan announced last month.Domino's Pizza shares fell 3 cents to $31.47 in electronic aftermarket trading. Shares rose 15 cents to close at $31.50 during regular trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Domino's sets recapitalization plan 