Drew Industries Inc, parent of RV industry supplier firms Kinro and Lippert, will pay $8 a share for 1.5 million of its own shares which were offered as of 5 p.m. Eastern Time Tuesday.
Drew stock closed at 7 7/8 a share in American Stock Exchange trading Tuesday.
Originally, Drew planned to repurchase 500,000 of its own shares, but later raised the amount to 1.3 million. However, the company decided to buy all 1.5 million shares that were offered as part of its “self-tender offer.”
Drew continues to have 9.6 million shares outstanding.