Sonic expects to repurchase 19% of outstanding common stock
October 8, 2006
OKLAHOMA CITY — Following its Dutch Auction Sonic expects to repurchase about 19 percent of its outstanding common stock. (Read also
Sonic modifies Dutch Auction)
The Oklahoma City drive-in restaurant chain said it expects to accept about 15.9 million shares at $23 each, for a total of $366.9 million.
In the Dutch auction, Sonic offered to buy back up to $24.3 million shares at between $19.50 and $23, for a maximum aggregate of $560 million.
