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MeadWestvaco agrees to accelerated share buyback

4:00 PM MST | February 6, 2014 | Vincent Valk

MeadWestvaco (MWV) announced today that it has reached an agreement with BofA Merrill Lynch and Goldman Sachs to buy back about $300 million worth of common stock, or about 7.5 million shares. Cash for the buyback derives from proceeds from a land sale which closed in December, of which the company said $700 million would be returned to shareholders. The exact number of shares involved in the buyback will be determined on 30 June.  The company is also undertaking a $94 million open-market share-repurchase program, which it expects to complete by the end of...

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