Bermuda-based AXIS Capital Holdings Limited announced that the Company has agreed to repurchase $350 million worth of its common shares, or 12,783,094 common shares, owned by initial investors at the formation of the Company.
“These repurchases will be made pursuant to the Company’s share repurchase program using existing cash on hand and are expected to close on February 16, 2005,” said the bulletin.
AXIS said it will “repurchase $300 million of its common shares owned by Blackstone Capital Partners III and related entities and $50 million of its common shares owned by DLJ Merchant Banking Partners III and related entities. The average purchase price agreed was $27.38 per common share, representing a 3.9 percent discount to the last reported closing price for common shares on February 11, 2005.”
It also noted that the Board of Directors authorized the repurchase of up to $350 million of the Company’s common shares in December. These repurchases will exhaust the currently authorized share repurchase program.
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