Mueller Industries Inc. (MLI) has reached an agreement to repurchase 10.42 million shares owned by Leucadia National Corp. (LUK) at a negotiated price per share of $41.00, for an aggregate purchase price of $427.34 million. The shares to be purchased in the repurchase transaction equate to around 27.2% of Mueller's shares currently outstanding and constitute Leucadia's entire ownership stake in Mueller.
Ian Cumming and Joseph Steinberg, Leucadia's designees to the company's board, would resign from the board upon the closing of the buyback, which may occur on or before September 26, 2012. The repurchase was approved by the board following the recommendation of the directors not affiliated with Leucadia and would be funded using a combination of the company's available cash on hand and borrowings under the company's existing line of credit.
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