Chromcraft buys out Court Square
By Furniture Today Staff -- Furniture Today, April 7, 2002
DELPHI, Ind. — Manufacturer Chromcraft Revington and its Employee Stock Ownership Plan have purchased all of the 5,695,418 Chromcraft Revington shares owned by Court Square Capital Ltd., a unit of Citigroup, for $59.8 million or about $10.49 per share. Court Square was the company's majority shareholder.
The ESOP bought 2 million shares, with the balance purchased by the company. The sale was completed after the end of business on March 15.
Available cash and borrowings of about $45 million from a new $75 million bank credit agreement were used to pay for the purchase.
Chromcraft Revington will revise its previous first-quarter earnings per share guidance to reflect the stock repurchase.
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