Interstate Bakeries Corporation (IBC), the largest wholesale bakery in the US, has reached an agreement with Swiss food behemoth Nestlé to purchase approximately 7.4 million shares of IBC stock currently owned by Nestlé.
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Nestlé owns approximately 14.8 million IBC shares (approximately 29% of IBC’s outstanding shares) which were acquired in its acquisition of Ralston Purina in December 2001.
The share buyback, which is expected to be completed in 30 days, can be fully financed under IBC’s revolving credit agreement. IBC is pursuing an amendment to its credit agreement to permit the buyback.
IBC also announced an agreement to file with the Securities and Exchange Commission (SEC), as soon as possible, a registration statement through which Nestlé intends to offer to the public through a public offering its remaining shares.
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