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Arch Coal to repurchase 500,000 shares from Monarch

Arch Coal Inc. will repurchase 500,000 shares of its common stock from funds managed by Monarch Alternative Capital LP at a price of $83.03 per share, representing aggregate consideration of approximately $41.5 million.

The transaction is expected to close Dec. 14 and will be funded by cash on hand, the company said in a Dec. 11 news release.

Arch's board of directors recently boosted its share repurchase authorization to $500 million in the third quarter, and the company reported 2.9 million shares repurchased to date in its third-quarter earnings report.