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Scotts Miracle-Gro accepts more than 4.5 million shares for $245.5 million in Dutch auction
By Lisa Kerner
Charlotte, N.C., Feb. 21 - The Scotts Miracle-Gro Co. said final results of its Dutch auction tender offer ended Feb. 14 show the company accepted for purchase 4,504,504 common shares at a purchase price of $54.50 per share, for a total price of approximately $245.5 million.
A final count by National City Bank showed 4,811,939 common shares were validly tendered at or below the purchase price, for a proration factor of about 93.6%, according to a company news release.
The shares purchased in the tender offer represent roughly 7% of Scotts Miracle-Gro's outstanding shares. About 63.4 million basic common shares are expected to be issued and outstanding following the purchase of the tendered shares, the company said.
In the tender offer, Scotts Miracle-Gro offered to purchase up to 4,504,504 common shares in a price range of $48.50 to $55.50 per share.
Scotts Miracle-Gro is a Marysville, Ohio, marketer of branded consumer lawn and garden products.
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