Mosaic Company Will Not Initiate Class A Share Repurchases this Summer

The Mosaic Company (NYSE:MOS) announced updates on the disposition of the 129 million Class A restricted shares held by the MAC Trusts and various family shareholders of Cargill, Incorporated (Cargill), from who Mosaic split in May 2011.

As quoted in the press release:

After considering the request, Cargill declined to amend the agreement to allow for earlier share repurchases. As a result, Mosaic is not permitted to engage in open market or negotiated share repurchases until after November 26, 2013. The only practical means for the Class A shareholders to dispose of their shares prior to that date would be through an underwritten public secondary offering, which could be initiated by the MAC Trusts prior to June 26, 2013 or Mosaic thereafter. After considering its alternatives, the MAC Trusts have notified Mosaic that they will not exercise their current right to request an underwritten public secondary offering.

To view the whole press release, click here.