Home Depot Details Buyback

Home Depot Details Buyback - no specific timeline for doing...

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Home Depot Details Buyback Associated Press September 5, 2007; Page A13 ATLANTA -- Home Depot Inc. said it expects to repurchase 290 million of its shares for $10.7 billion as a result of a tender offer, a little less than halfway toward its goal of buying back $22.5 billion in stock. Preliminary results of the tender offer that ended Friday indicated the chain of home- improvement stores expects to repurchase the shares at $37 each, using about $8 billion in net proceeds from its sale of HD Supply and $2.7 billion in cash, said spokeswoman Paula Drake. The 290 million shares represent about 48% of the company's plan to repurchase $22.5 billion in shares. Ms. Drake said the company will continue buying back shares but she said there was
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Unformatted text preview: no specific timeline for doing so. The company's shares fell $1.95, or 5.1%, to $36.36 as of 4 p.m. in New York Stock Exchange composite trading yesterday. Home Depot said last month that it had sold HD Supply -- its wholesale distribution business -- for $8.5 billion sale to a group of private-equity firms. The sale price was reduced from the $10.3 billion the buyers initially agreed to pay in June. The completed agreement calls for Home Depot to retain a 12.5% stake in HD Supply and to guarantee $1 billion of debt the buyers took on to complete the transaction. Copyright 2007 Associated Press...
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