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Molex Inc. buys 2 million shares from co-chairman
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LISLE, Ill. - Electronic components company Molex Inc., said Friday it has agreed to buy 2 million of its common shares from the company's co-chairman of the board.
The company said it paid Frederick Krehbiel $13.33 per share, which works out to about $26.7 million.
Krehbiel said that proceeds of the stock sale were being used to repay "personal indebtedness" under a loan obligation and don't reflect his view of the company's prospects.
Molex shares rose 44 cents, or 3.6 percent, to close at $12.84 Friday.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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