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Treasury Stock
9 Months Ended
Feb. 29, 2012
Treasury Stock Disclosure [Text Block]

14. Treasury Stock


The Company has announced authorizations made by the Board of Directors to repurchase Common Stock, from time to time as conditions allow, on the open market or through negotiated private transactions, as summarized in the table below:


 

 

 

 

 

Authorization

 

Amount

 




 

December 2007

 

$

20.0

 

May 2008

 

 

20.0

 

November 2008

 

 

10.0

 

February 2009

 

 

5.0

 

December 2009

 

 

20.0

 

September 2010

 

 

44.0

 (a)





 

Subtotal

 

$

119.0

 





 

Less repurchases made from December 2007 through February 2012

 

 

(80.1

)





 

 

 

 

 

 

Remaining Board authorization at February 29, 2012

 

$

38.9

 





 


(a) Represents the remainder of $200.0 authorization after giving effect to the purchase of 5,199,699 shares at $30.00 per share pursuant to a modified Dutch auction tender offer that was completed by the Company on November 3, 2010, for a total cost of $156.0, excluding related fees and expenses. The Common shares purchased pursuant to the tender offer represented approximately 15.1% of the Common shares outstanding as of October 27, 2010. Fees for the modified Dutch auction tender offer were $1.2.


The repurchase program may be suspended at any time without prior notice.