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VOL. 127 | NO. 186 | Monday, September 24, 2012

Mueller Industries to Repurchase Stock for $427.3 Million

AP

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NEW YORK (AP) – Mueller Industries is buying back approximately 10.4 million of its shares owned by Leucadia National Corp. for about $427.3 million.

The Memphis, Tenn., company, which makes copper, brass, plastic and aluminum components for use in plumbing, refrigeration and ventilation systems, said Monday that it will pay $41 per share. This is a nearly15 percent discount to its Friday closing price of $48.17.

New York-based conglomerate Leucadia is selling all of the Mueller shares that it owns, which is approximately 27.2 percent of Mueller's currently outstanding stock. Leucadia shares closed Friday at $23.57.

Mueller said it will pay for the shares with available cash and borrowings under its existing credit line.

The offering is expected to close by Wednesday. Once it is complete, Leucadia's board appointees Ian Cumming and Joseph Steinberg will resign from their posts.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 67 67 10,289
MORTGAGES 107 107 13,434
FORECLOSURE NOTICES 24 24 2,668
BUILDING PERMITS 393 393 24,700
BANKRUPTCIES 60 60 9,952
BUSINESS LICENSES 16 16 3,752
UTILITY CONNECTIONS 149 149 14,706
MARRIAGE LICENSES 31 31 3,198

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