MSM Buyback

MSC INDUSTRIAL SUPPLY CO. Buyback

OLI recorded this information on 7/5/2016

Company:

MSC INDUSTRIAL SUPPLY CO.

Buyback:

MSM buyback

$Amount Authorized:

$390,000,000

Buyback Details:

MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC" or the "Company," a premier distributor of Metalworking and Maintenance, Repair and Operations supplies to industrial customers throughout North America, today announced its plan to launch a "modified Dutch auction" tender offer for up to $300 million of its Class A common stock at a price per share not less than $66.00 and not greater than $72.50. The tender offer is expected to commence on or about July 7, 2016 and will remain open for at least 20 business days. A "modified Dutch auction" tender offer allows shareholders to indicate how many shares and at what price within the Company's specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering shareholders, the Company will determine the lowest price per share within the range that will enable the Company to purchase shares having an aggregate purchase price of up to $300 million. The Company also reserves the right, in the event that more than $300 million of its shares are tendered in the tender offer at or below the purchase price, to purchase up to an additional 2% of its outstanding shares of Class A common stock (excluding shares held by the Company's Class B shareholders) without amending or extending the tender offer. All shares purchased by the Company in the tender offer will be purchased at the same price. Shareholders whose shares are purchased in the tender offer will be paid the determined purchase price in cash, less any applicable withholding taxes and without interest, after the expiration of the tender offer. The Company also announced that it has entered into a stock purchase agreement with the holders of the Company's Class B common stock to purchase from such shareholders a pro rata number of shares at the same price per share as will be paid by the Company in the tender offer, such that their percentage ownership and voting power in the Company would remain substantially the same as prior to the tender offer. The Class B shareholders also have agreed not to participate in the tender offer. Based on their ownership of Class A and Class B shares representing approximately 23.2% of the Company's outstanding shares, if the tender offer is fully subscribed, the Company would repurchase a total of approximately $390 million of its common stock through the tender offer and the stock purchase agreement (representing approximately 8.7% to 9.6% of the Company's outstanding shares of common stock as of July 1, 2016).

MSC Industrial Direct Co. is a distributor of a range of metalworking and maintenance, repair and operations (MRO) products and services. Co. serves a range of customers throughout the U.S., Canada, Mexico, and the U.K., from individual machine shops to Fortune 1000 manufacturing companies to government agencies. Co.'s range of MRO products includes cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components and electrical supplies.

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MSM — Key Stats (updated 19 hours, 5 minutes ago)

Company Name:	MSC Industrial Direct Co Inc
Stock buyback:	MSM buyback
Website:	www.mscdirect.com
Sector:	Industrial Machinery & Equipment
Number of ETFs Holding MSM:	72
Total Market Value Held by ETFs:	$943.73M
Total Market Capitalization:	$5.22B
% of Market Cap. Held by ETFs:	18.08%

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