J&J Snack buys 400,000 shares from top executive
November 20, 2008
by Eric Schroeder
PENNSAUKEN, N.J. — J&J Snack Foods Corp. has acquired 400,000 shares of its common stock from Gerald B. Shreiber, the company’s chairman, president and chief executive officer. J&J Snack said it bought the shares at $27.90 per share, for a total cost of $11,160,000. The company subsequently retired the shares.
According to J&J Snack, the purchase price was a 6% discount to the market, and was determined by the company’s board after the close of the market on Nov. 13, at which time J&J Snack’s last sale price was $29.70 per share.
The transaction was part of the million share repurchase plan announced by J&J Snack in February. The company now has purchased and retired 549,433 shares under the program.
"Although I have always been reluctant to sell my personal holdings of J&J common stock, I have sold 400,000 shares for estate and tax planning purposes," said Mr. Shreiber, who still owns approximately 3.9 million shares of the company’s 18.4 million outstanding. "The sale is in no way a reflection of my thoughts about the company or its future, either over the short or long term."