Arkansas Best Corp. to Buy Back Shares

Arkansas Best Corp. of Fort Smith announced on Aug. 13 it was buying back all outstanding shares of its $2.875 Series A Cumulative Convertible Exchangeable Preferred Stock.

The buyback date of the preferred stock will be Sept. 12 and the redemption price will be $50.575 per share of preferred stock, plus accrued and unpaid dividends to, but not including, the redemption date, the company said.

Arkansas Best said that on Aug. 10, the closing price per share of the preferred stock was $64. In lieu of receiving the redemption price, preferred-stock holders can convert each share of their preferred stock into 2.5397 shares of common stock. On Aug. 14, the closing price per share of the common stock was $25.

The deadline for the conversion is 5 p.m., Sept. 11. Any fractional shares resulting from the conversion will be paid in cash.