The Shaw Group Inc. said Wednesday it has agreed to buy back 6.2 million shares of its common stock at $24.25 per share, completing a $150 million stock repurchase plan.
The 6.2 million shares represent around 8.7 percent of Shaw’s common stock.
Shaw held a modified Dutch auction, which allowed stockholders to set the number of shares and the sale prices within a certain price range. Shaw set the range between $22.25 and $25.25.
Stockholders offered to sell back 6.6 million shares at or below $24.25.
Shaw said it will buy back roughly 93.5 percent of the stock its shareholders offered.
The buy back will leave Shaw with approximately 65.2 million shares outstanding.