PAM Transportation Services Inc. of Tontitown announced it would buy back 298,566 shares of its outstanding stock for $59 per share.
PAM held a “Dutch auction” to complete the purchase and said it would buy the stock for between $59 and $63 per share. The total purchase price is more than $17.6 million.
The company originally planned to buy 80,000 shares but expanded the auction to 150,000. PAM had the ability to increase the final amount, and it said more than 1.4 million shares were eventually offered.
PAM said 149,962 shares were tendered by Matthew Moroun, the chairman of the board of directors. Shares included were also tendered by CEO Daniel Cushman and director Scott Davis.
PAM said there would be 7,145,574 shares outstanding after the buyback was finalized. It held a similar Dutch auction in January 2014 to buy back 675,000 shares at $20.50 per share.
Shares of PAM (Nasdaq: PTSI) closed at $59.75 on Thursday.