Weis Markets, Inc. has announced the purchase of 2,153,846 shares of the company's common stock for a total of $140,000,000, at approximately $65.00 per share. The sellers, affiliated with the Weis family, will use the proceeds to satisfy estate tax obligations. After the sale, the sellers continue to own 4,051,383 shares of common stock, and members of the Weis family remain owners of approximately 61% of the outstanding common stock.
The purchase price of approximately $65.00 per share represents a 12.3% discount to the closing price of the common stock as of June 5, 2025. It also reflects a 15.6% discount to the 30-day volume weighted average trading price, a 12.8% discount to the 180-day volume weighted average trading price, and an 8.4% discount to the 1-year volume weighted average trading price of the common stock as of the same date.
The company funded the purchase through a combination of cash on hand and cash from the sale of marketable securities. The purchase agreement was approved by the company's board of directors, with a special committee of disinterested, independent directors having negotiated and recommended it. Kroll, LLC acted as the independent financial advisor to the special committee and provided a fairness opinion, while K&L Gates LLP and Reed Smith LLP acted as counsel to the special committee and the company, respectively. Paul, Weiss, Rifkind, Wharton & Garrison LLP represented the sellers in the transaction.
Weis Markets, Inc., founded in 1912, operates 198 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia, and Virginia. Following these announcements, the company's shares moved 2.62%, and are now trading at a price of $76.02. For the full picture, make sure to review WEIS MARKETS INC's 8-K report.
