Summary
S&P Global Inc. (formerly The McGraw-Hill Companies, Inc.) announced on June 23, 2011, an agreement to repurchase a significant number of its own shares from the Harold W. McGraw, Jr. Trust and The Harold W. McGraw, Jr. Family Foundation. This transaction, totaling 2,454,514 shares, is being conducted for estate administration purposes and will be executed under the company's existing 2007 share repurchase authorization. Importantly, key family members and directors, Harold W. McGraw III and Robert P. McGraw, will not be selling their personally held shares in this transaction. The repurchase price reflects a 1.375% discount from the June 23, 2011, closing stock price of $40.07. The Trust intends to use the net proceeds for bequests and funding trusts for family members, while the Foundation plans to allocate its proceeds to charitable purposes. This action is intended to facilitate estate liquidity and the continued funding of philanthropic initiatives without impacting the holdings of key executives and directors directly involved.
Key Highlights
- 1S&P Global Inc. (then The McGraw-Hill Companies) to repurchase 2,454,514 shares of its common stock.
- 2The shares are being purchased from the Harold W. McGraw, Jr. Trust and The Harold W. McGraw, Jr. Family Foundation.
- 3The transaction is for estate administration purposes and is authorized under the company's existing 2007 share repurchase program.
- 4Key insiders, Harold W. McGraw III (CEO) and Robert P. McGraw (Director), are not selling their personally held shares.
- 5Shares are being purchased at a 1.375% discount from the June 23, 2011 closing price of $40.07.
- 6The Trust will use proceeds for family bequests and trusts; the Foundation will use proceeds for charitable purposes.