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Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

18.  Subsequent Events

 

Share Repurchase

As part of the Company’s evergreen share repurchase program, in early January 2015, the Company purchased 0.5 million shares of Common Stock at a cost of approximately $41.2.  The Company used cash on hand to fund the purchase price.  

On January 28, 2015, the Board authorized the 2015 Share Repurchase Program.  The 2015 Share Repurchase Program replaced the Company’s 2014 Share Repurchase Program and the Company continued its evergreen share repurchase program.  

 

As part of the 2015 Share Repurchase Program and the evergreen share repurchase program, in early February 2015, the Company entered into an accelerated share repurchase contract with a commercial bank to purchase $215.0 of Common Stock.  The Company paid $215.0 to the bank and received an initial delivery of approximately 2.6 million shares of Common Stock.  The contract will be settled by mid-May.  However, if the Company is required to deliver value to the commercial bank at the end of the purchase period, the Company, at its option, may elect to settle in shares of Common Stock or cash.  

 

Of the 2015 share repurchases, approximately $88.0 was purchased under the Company’s evergreen share repurchase program.  

VI-COR acquisition

On January 2, 2015, the Company acquired the assets of Varied Industries Corporation (“VI-COR Acquisition”), a manufacturer and seller of feed ingredients for cows, beef cattle, poultry and other livestock.  The total purchase price was approximately $75, which is subject to adjustment based on the closing working capital of VI-COR, and a $5.0 payment after one year if certain operating performance is achieved.  The Company financed the acquisition with available cash.  VI-COR’s annual sales are approximately $25.  These brands will be managed within the Specialty Products segment.