Preparing for its acquisition by Firstar Corp., Investors Bank Corp. said Thursday it would repurchase more than 2% of its common shares.
Minneapolis-based Investors will repurchase 80,000 of its 3.5 million outstanding shares. Earlier this week, Firstar said it had agreed to buy the $1 billion-asset thrift in a stock swap valued at $106 million.
The repurchase program, which is required by the reorganization agreement between Investors and Firstar, Will be done through open market or negotiated transactions.
Repurchased shares will be held as treasury shares for delivery upon exercise of outstanding options and warrants.
