Printer Friendly

PET ANNOUNCES COMMENCEMENT OF EXPANDED SHARE REPURCHASE PROGRAM

 ST. LOUIS, June 3 /PRNewswire/ -- Pet Inc. (NYSE: PT) announced today that it has received a favorable tax ruling from the Internal Revenue Service confirming that the previously announced expansion of its share repurchase program will not adversely affect Pet's 1991 tax-free spin-off from Whitman Corp.
 As announced on May 26, 1993, the board of directors of Pet has approved the expansion of Pet's share repurchase program to 10 million shares, including 2.5 million shares authorized in July 1992, under which a total of 773,300 shares have been purchased. The new authorization was subject to receipt of the favorable tax ruling. The remaining shares to be purchased under the expanded program represent approximately 8.6 percent of outstanding Pet shares.
 The company will purchase shares through The First Boston Corp. or other designated agents in compliance with Securities and Exchange Commission guidelines. The company intends to purchase shares in the open market over a period of up to three years ending June 30, 1996, subject to availability at prices which are appropriate in management's judgment.
 Pet is a leading packaged food company. Major brands include Old El Paso Mexican foods, Progresso soups and Italian foods, Van de Kamp's frozen seafood, and Downyflake frozen waffles.
 -0- 6/3/93
 /CONTACT: Beatrice E. Miller of Pet, 314-622-6672/
 (PT)


CO: Pet Inc.; Whitman Corp. ST: Missouri IN: FOD SU:

MC -- DV007 -- 5223 06/03/93 17:54 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 3, 1993
Words:237
Previous Article:ECHO BAY FILES FOR SALE OF COMMON SHARES
Next Article:QUALMED STOCK MOVES TO NYSE
Topics:


Related Articles
NATIONAL INCOME REALTY TRUST ANNOUNCES INCREASE OF SHARE REPURCHASE PLAN
CONTINENTAL MORTGAGE AND EQUITY TRUST ANNOUNCES INCREASE OF SHARE REPURCHASE PLAN
FF BANCORP, INC. ANNOUNCES PROPOSED STOCK REPURCHASE PROGRAM
TF FINANCIAL CORPORATION ANNOUNCES COMPLETION OF COMMON STOCK REPURCHASE
TF Financial Corporation Announces Completion of Stock Repurchase
Heinz Ratings Affirmed by S&P After Announced Share Repurchase
TF Financial Corporation Announces Completion of Stock Repurchase Program.
AGORA SA - Dividend Declaration.
IA Global Announces Commencement of Its Common Share Repurchase Program and Provides Additional Information Concerning Its Odd-Lot Tender Program.
Liberty Property Trust Establishes Share Buyback Program, Announces $50 Million Accelerated Share Repurchase Program.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters