FBL approves $175 million stock buyback
FBL Financial Group Inc.said today that its board of directors has approved share repurchase transactions totaling up to $175 million. The repurchases will be effected by a tender offer for up to $140 million of shares of its Class A common stock and a separate agreement to repurchase up to 1 million shares from Iowa Farm Bureau Federation, its majority shareholder, for the price at which shares are purchased in the tender offer. These transactions are part of FBL’s $200 million stock repurchase authorization that was announced Oct. 7, 2011. The tender offer is expected to begin this week.
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