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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 This material may not be published, broadcast, rewritten or redistributed.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 54 266 12,031
MORTGAGES 111 406 15,756
FORECLOSURE NOTICES 27 107 3,130
BUILDING PERMITS 0 606 28,832
BANKRUPTCIES 73 364 11,671
BUSINESS LICENSES 17 119 4,274
UTILITY CONNECTIONS 121 549 17,732
MARRIAGE LICENSES 23 104 3,668

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