PAM Transport of Tontitown said it would expand its plan to buyback stock through a “Dutch auction.”
The company announced it buy up to 150,000 shares — approximately 2 percent of the outstanding shares — rather than 80,000 as it had planned. PAM said it would pay between $59 and $63 per share.
PAM held a Dutch auction in January 2014 to buy back 675,000 shares at $20.50 per share. That represented approximately 7.8 percent of the then-outstanding shares.
PAM shares closed at $55.68 on Wednesday.
The company also announced that Matt Moroun, the chairman of its board of directors, might offer up to 1.2 million shares in connection to the buy-back although PAM said there hasn’t been a “final decision.”
Moroun, individually and through a trust, controls approximately 4.7 million shares of PAM or 58 percent of the company.
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