WASHINGTON (dpa-AFX) - The Board of Directors of MeadWestvaco Corp. (MWV) Monday approved a final form of shareholder returns for the remaining $569 million of proceeds from the company's sale of all of its U.S. forestlands to Plum Creek Timber Co., Inc.
The returns include about $175 million or $1 per share in the form of special dividend to be paid with the March regular quarterly dividend.
The company will also repurchase shares worth $394 million, of which $300 million are bought under an accelerated share repurchase agreement, and $94 million pursuant to open market repurchases.
Total returns to shareholders from the forestland asset sale, combined with the company's previous open market repurchase of approximately 3.75 million shares, is estimated at around $700 million.
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