Willis Group Holdings said it has entered into an agreement to buy approximately 1.25 million shares of its common stock from Keefe, Bruyette & Woods using an accelerated stock repurchase program for an initial purchase price of approximately $50m.
This repurchase is part of Willis' previously announced stock repurchase program.
Joe Plumeri, chairman and chief executive of Willis, said: “We believe that the best use of our capital is to continue to buy back our own stock. Our strong financial performance, cash flow and balance sheet allow us the financial flexibility to continue to return value to our shareholders.”
Under the terms of the arrangement, the repurchased shares are subject to a price adjustment based on the volume weighted average market price of Willis' common shares during the term of the program.
The Company expects the program to be completed in the first quarter of 2007. All of the shares repurchased under the agreement will be retired.
Including this transaction, the Company would have $739m of authorized share repurchases remaining under its existing buyback authorization.
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