Norilsk Shareholders Sell Out to Reap 60% Premium From Buyback

Bloomberg reported OAO GMK Norilsk Nickel (NYSE:GMK) shareholders are queued up to tender their stock as the prospect of a 60 percent premium drives sales.

As quoted in the market news,

Norilsk began repurchasing stock on Sept. 28, opening its third buyback this year. The nickel producer is offering $306 a share, or $30.60 per global depositary receipt, a 20 percent premium to the six-month average price, it said in August. The stock has tumbled in Moscow trading in the past month, boosting the premium to more than 60 percent.

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