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GP Strategies buying back stock

GP Strategies Corp., of Columbia, a provider of training and eLearning services, on Tuesday initiated the repurchase of up to $80 million of its common stock at $26 to $29 per share. The tender offer is scheduled to expire at the end of the day, midnight eastern time, on Sept. 29. At the maximum price of $29, GP Strategies would repurchase a maximum of 2,758,621 shares, or approximately 14.4 percent of its common shares outstanding as of Aug. 29. At the minimum price of $26 per share, GP Strategies would repurchase a maximum of 3,076,923 shares, or approximately 16.1 percent of its common shares. GP Strategies is conducting the sale via a “Dutch auction,” which allows stockholders to indicate how many shares and at what price they wish to tender their shares within the specified range.

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