Seaboard: Bresky Group proposes company repurchase $600M in shares

Seaboard acknowledged that the Company has received a proposal from entities affiliated with Ellen S. Bresky, the Chairwoman of the Board of Directors, and other members of the Bresky family, that the Company repurchase, directly or indirectly, at least $600M in shares of common stock, $1.00 par value per share, of the Company currently held by the Bresky Group, at a price per share of Common Stock to be mutually agreed upon. The Board of Directors of the Company has formed a special committee comprised of two independent directors to evaluate the Proposal and any other form of return of capital that may be proposed by the Bresky Group…The Special Committee’s grant of authority provides that no repurchase or alternative proposed capital return transaction involving the Company and the Bresky Group may be consummated without the prior favorable recommendation of the Special Committee. This information was available in a company 8k regulatory filing.