Alico, Inc. Buyback
OLI recorded this information on 9/5/2018
Alico, Inc. ("Alico" or the "Company") (NASDAQ:ALCO) announced today the commencement of an issuer offer (the "Tender Offer") to purchase up to $19,999,990 in value of shares of its common stock at a purchase price of $34.00 per share. The closing price of the common stock on NASDAQ on September 4, 2018, the last trading day prior to today's announcement, was $32.35 per share. The maximum number of shares proposed to be purchased in the Tender Offer represents approximately 7.17% of Alico's outstanding common stock. The Company expects to fund the purchase of shares in the Tender Offer with available cash.
Alico is a holding company. Through its subsidiaries, Co. operates as an agribusiness and land management company. Co.'s business segments are: Alico Citrus, which owns and manages citrus land in DeSoto, Polk, Collier, Hendry, Charlotte, Highlands, and Hardee Counties in Florida and engages in the cultivation of citrus trees to produce citrus for delivery to the fresh and processed citrus markets; Land Management and Other Operations, which owns and manages land in Collier, Glades, and Hendry Counties and is engaged in land leasing for recreational and grazing purposes, conservation, and mining activities.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 99% of all stocks covered)
Based on Zacks ABR data;
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