Keurig Green Reports Repurchase Of Shares Held By Lavazza At $119.18 /share

(RTTNews) - Keurig Green Mountain, Inc. (GMCR), a leader in specialty coffee, coffee makers, teas and other beverages, said on February 21, it entered into an agreement to repurchase 5.2 million shares of Keurig common stock beneficially owned by Luigi Lavazza S.p.A. at a purchase price of $119.18 per share.

The purchase price represents a 3 percent discount off the closing price of Keurig common stock on February 20. The repurchase will be financed through cash balances and Keurig's existing credit facility.

In connection with the entry into the stock repurchase agreement, Keurig also said it has entered into an amendment to its existing common stock purchase agreement with Lavazza dated August 10, 2010.

The amendment eliminates Lavazza's pre-emptive rights on future issuances of the company's common stock and will become effective as of the closing of the stock repurchase.