PAM Transport Inc. of Tontitown announced it would purchase 567,413 shares of its stock at $31 per share for about $17.6 million.
PAM originally scheduled a "Dutch" auction to buy back 425,000 shares. The company reported that more than 1.4 million shares were offered.
Included in the buyback were 278,745 shares owned or controlled by PAM Chairman Matthew Moroun, who will collect $8.5 million for his shares. Moroun owned or controlled 4,182,090 shares — 58.6 percent of PAM stock — in the latest proxy statement filed by the company with the Securities & Exchange Commission in March.
PAM said it will have about 6.5 million shares of stock outstanding after the buyback. Moroun's ownership control will increase to about 59.5 percent.
Board member Scott Davis also sold 4,006 shares back to the company for $124,186.