Sturm, Ruger purchases children’s shares
Sturm, Ruger & Company has repurchased 4,272,000 shares of its common stock – almost 16 percent of the total outstanding shares — from its largest shareholder.
The purchase yesterday of the shares from Ruger Business Holdings L.P. was at a per-share price of $5.90, resulting in a total purchase price of $25,204,800. The closing price of the stock the same day was $7.32.
Ruger Management Inc. is the sole general partner of Ruger Business Holdings L.P. and is owned by William B. Ruger Jr. and Carolyn R. Vogel, the son and daughter of company founder William B. Ruger.
Ruger Jr. resigned as chairman of Sturm, Ruger in February and retired as its CEO on Feb. 28. The William B. Ruger Revocable Trust of 1988 is the sole limited partner of Ruger Business Holdings, L.P.
Following this transaction, the company’s total number of outstanding shares is 22,638,720, the firm reported. – JEFF FEINGOLD