The Shaw Group Inc. will buy back up to $150 million worth of its common stock through a modified “Dutch Auction” and in a per-share price range of $22.25 to $25.25.
Shaw closed Monday at $25.07. Shaw said the price range is 0.3 percent to 13.8 percent higher than shares sold on Oct. 28, the day before Shaw announced it planned to buy back stock.
A modified Dutch auction allows stockholders to set the number of shares and the sale prices, within the range set by Shaw, they want to sell. Based on those numbers, Shaw will determine the lowest per-share price to offer during the buy back.