GrafTech Announces Secondary Block Trade by Stockholder and Share Buyback
GrafTech International Ltd. (EAF)
Last graftech international ltd. earnings: 2/6 06:45 am
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Source: Business Wire
BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: EAF) (the “Company”) today announced that a majority stockholder, an affiliate of Brookfield Business Partners LP, a publicly listed business services and industrials company of Brookfield Asset Management Inc., has launched a Rule 144 secondary block trade to sell 11.18 million shares of the Company’s common stock to Morgan Stanley.Subject to the completion of the block trade, the Company will repurchase from the selling stockholder $250,000,000 of common stock at a per share price equal to the price per share payable by the broker-dealer in the block trade. The Company expects to fund the share repurchase from cash on hand.GrafTech's decision to repurchase its shares is consistent with management's stated intent regarding potential uses of cash flow. David Rintoul, GrafTech’s Chief Executive Officer, stated, "GrafTech is pleased to announce the repurchase of a meaningful amount of its shares in-line with
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