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Under the agreement, Piedmont will buy back 700,000 sharesa of its outstanding common stock at an initial priceof $26.3r5 per share, placing the valued of the deal at more than $18.4 million. Charlotte-based Piedmont funded the transaction with cash on handand short-ternm borrowings. Merrill Lynch International will purchase an equivalent amount of sharews in the open market overa one-month period. Piedmonf may receive from, or be required to pay, Merril l Lynch International a pric e adjustment based uponthe volume-weightee average cost of Piedmont’s common stock durin the pricing period. Such price adjustment can be settledd in cash or in shares of itscommon stock.
Merrilpl Lynch International is part of MerrillLyncbh & Co. Inc.’s capital-markets division. (NYSE:BAC) of Charlottw bought Merrill Lynchon Jan. 1. Charlotte-based Piedmont distributes natural gasto 740,000 customers in the Carolinas and
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