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Reliance was authorized to repurchase under the stock repurchase
plan.
From December 1994 through the valuation date, under
Reliance’s stock repurchase plan Reliance repurchased in the
public market approximately 1.37 million shares (2.7 million
after adjustment for a stock split) of Reliance stock for
approximately $27 million. The largest repurchase of Reliance
stock that occurred during this period, both in number of shares
and dollar amount, occurred during an 11-day period in October of
1998 when Reliance for $11,090,017 repurchased on the open market
430,800 Reliance shares (646,200 shares after adjustment for a
stock split).
On May 25, 2000, about 2 weeks before the June 5, 2000,
valuation date, Dave Hannah (Hannah), Reliance’s CEO, made a
presentation at a steel industry conference. In his
presentation, Hannah reported that 1999 represented a “record
year” for Reliance and that Reliance would consider repurchasing
Reliance shares at around $19 a share, as it had done in the
recent past.
October 30, 2000, Repurchase by Reliance of 2,270,000
of the Estate’s Reliance Shares
Prior to her death, decedent had not discussed with Reliance
management the possibility that Reliance, upon decedent’s death,
might repurchase decedent’s Reliance shares.
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Last modified: May 25, 2011