March 31, 2010
Hanover Tries For Quick Stock Buy Back
By Matthew L. Brown
The Worcester-based Hanover Insurance Group Inc. has initiated an accelerated share repurchase program that intends to buy back 2.3 million shares of company common stock at about $43.19 per share.
The accelerated plan is part of an existing repurchase program that authorizes the company to buy back up to $400 million in common stock. Upon completion of the accelerated plan, Hanover will have bought back about $335 million in stock under the program.
Hanover expects the accelerated buy back to carry a price of about $100.9 million.
The repurchase is being run by Barclays Capital Inc.
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