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R&H Moves Forward with $1-Billion Share Buyback

11:46 AM MDT | September 11, 2007 | Michelle Bryner

Rohm and Haas (R&H) says it has entered an agreement with Goldman, Sachs & Co. (New York) to buy back $1 billion of R&H shares through a previously announced accelerated share repurchase program. R&H will initially buy 16.2 million shares, equal to 90% of the shares to be repurchased, at a price of $55.59/share. The price of the shares will be adjusted at the end of five to nine months to reflect the volume weighted average price of R&H shares during this period. R&H will fund the program with proceeds from the issuance of long-term debt...

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