Scotts Miracle-Gro reports 7.1 million shares tendered in Dutch auction

By Lisa Kerner

Charlotte, N.C., Feb. 15 - The Scotts Miracle-Gro Co. said 7.1 million shares were tendered, including 4.0 million through notice of guaranteed delivery, in its Dutch auction tender offer that ended Feb. 14.

Based on preliminary results, the company expects to accept for purchase about 7% of its outstanding stock, or 4.5 million common shares, at a purchase price of $54.50 per share, for a total cost of $245.5 million.

Scotts Miracle-Gro offered to purchase for cash up to 4,504,504 common shares in a price range of $48.50 to $55.50 per share, according to a company news release.

Following payment for the tendered shares, roughly 63.4 million common shares will be outstanding.

Scotts Miracle-Gro is a Marysville, Ohio, marketer of branded consumer lawn and garden products.

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