Bowater announces completion of common share repurchase program.GREENVILLE, S.C.--(BUSINESS WIRE)--Feb. 10, 1997--Bowater Incorporated (NYSE NYSE See: New York Stock Exchange :BOW) today announced completion of the repurchase of approximately 10% of the company's outstanding common stock, or 4 million shares, as part of a previously announced stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . Total cost of the repurchase was approximately $156 million. The company announced the share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program in February 1996 as part of its overall emphasis on enhancing shareholder value. Bowater Incorporated, headquartered in Greenville, SC, is the largest producer of newsprint in the U.S., and also makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. It has five paper mills and 3.6 million acres of timberlands in the U.S. and Canada. Bowater Incorporated common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , U.S. regional exchanges, the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and the Swiss Stock Exchanges. CONTACT: Media: Robert D. Leahy (864) 282-9571 (Office) (864) 234-0941 (Home) or Analyst: James H. Dorton (864) 282-9500 (Office) (864) 228-2805 (Home) |
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