U.S.-based agribusiness and land management company Alico has commenced an issuer offer to purchase up to $19.9 million in the value of shares of its common stock at a purchase price of $34.00 per share.
The closing price of the common stock was $32.35 per share.
The maximum number of shares proposed to be purchased in the tender offer represents approximately 7.17 percent of Alico's outstanding common stock.
The company expects to fund the purchase of shares in the tender offer with available cash.