USA: Copper tube manufacturer Mueller Industries has agreed to repurchase the 10,422,859 shares of common stock owned by industrial conglomerate Leucadia National Corporation at a negotiated price of $41.00 per share. The aggregate purchase price is $427,337,219.
The shares to be purchased in the repurchase transaction equate to approximately 27.2% of Mueller's common shares currently outstanding and constitute Leucadia's entire ownership stake in Mueller. Current Leucadia board representatives Ian M Cumming and Joseph Steinberg, will resign from the Mueller board upon the closing of the repurchase, which is expected to occur on or before September 26. The repurchase will be funded using a combination of the company's available cash on hand and borrowings under the company's existing line of credit.

Leucadia began buying shares in Mueller last year but by September 2011 had entered into a standstill pact not to purchase more than 27.5% of the company's stock and preventing a hostile takeover.

Mueller Industries is a major manufacturer of copper tube and fittings to the refrigeration and air conditioning industry. The company expanded into Europe in 1997 with acquisitions of Desnoyers SA in France and Wednesbury Tube in the UK.