St. Joe Announces Tender Offer To Buy Up To 16.67 Mln Shares - Quick Facts

(RTTNews) - Real estate development company St. Joe Co. (JOE) announced that it will commence a tender offer to purchase up to 16.67 million shares of its outstanding common stock at a price of $18.00 per share on Monday. The Company's board of directors has approved the tender offer.

The tender will expire at 5:00 P.M., New York City time, on September 22, 2015, unless extended by the Company.

In connection with authorizing the tender offer, the Company's board of directors has increased the authority under the Company's stock repurchase program to $300 million, including previously unused authority of $93.6 million. All of these shares would be used if the tender offer is fully subscribed.

If more than 16.67 million shares are properly tendered and not properly withdrawn, the Company will purchase shares from all tendering shareholders on a pro rata basis.

The Company expects to fund share purchases in the tender offer from current assets, including a portion of the cash proceeds the Company received from the AgReserves and RiverTown sales.