Wynn’s to Repurchase Shares
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ORANGE — Auto parts and chemicals maker Wynn’s International Inc. said Monday it will purchase up to 1.1 million shares of its common stock in a so-called Dutch auction. The company has set a tender price of not less than $22 per share and not more than $25 a share.
Stockholders submit sealed bids with the price they are willing to accept for their shares. At the end of the tender offer period, Wynn’s determines a fixed per-share purchase price and buys those shares offered at or below the purchase price.
Company officials said the stock repurchase will bolster the value of the approximately 12.6 million shares that will remain in the public market. The tender offer begins Wednesday and ends April 22. Wynn’s common stock closed Monday at $22.875 on the New York Stock Exchange, up 75 cents for the day.
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