Sanderson Farms Extends Stock Repurchase Program to 1M Shares
Sanderson Farms, Inc. (NASDAQ: SAFM) today announced that its Board of Directors has expanded and extended to February 16, 2014, its stock repurchase program approved October 22, 2009, to repurchase up to 1.0 million shares from time to time at prevailing prices in open market transactions or in negotiated purchases, subject to market conditions, share price and other considerations. The Company has repurchased 782,096 shares under this stock repurchase program since its inception.
Today's action extended the program to February 16, 2014, and increased the number of shares that may be repurchased under the program by an additional 782,096 shares, returning the total number of shares remaining to be repurchased under the program to 1.0 million shares. In addition to these shares, the Board of Directors and the Board's compensation committee authorized the Company to repurchase at fair market value shares issued to the Company's stock incentive plan participants to meet withholding tax obligations incurred when their stock awards vest. Sanderson Farms currently has approximately 23.0 million shares of common stock outstanding.
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