Contura Energy Inc. has announced it will repurchase $31.8 million of its common stock at $60 a share.
The coal producer said in a Dec. 21 news release that the purchase of 530,000 shares of common stock represents the final results of its tender offer.
"Because the number of shares tendered at or below the $60 purchase price (or by shareholders electing to tender at the ultimate purchase price determined under the tender offer terms) exceeded the amount that Contura offered to purchase, the resulting proration factor, after giving effect to the priority for 'odd lots,' was approximately 92.6%," a release said.
The coal producer said it will pay for all the shares accepted for purchase and return all other shares tendered.
Contura had extended its initial tender offer to Dec. 15 in November.
The coal producer recently sold its Powder River Basin mines to Blackjewel LLC for deferred consideration of up to $50 million.