The Board of Directors of Delek US Holdings, Inc. (NYSE:DK) authorized share repurchase program on March 12, 2013. Under the program, the company will repurchase up to $75 million worth of its shares. Also, the company has entered into a simultaneous secondary offering. The shares may be repurchased from time to time in open market or privately negotiated transactions, subject to market conditions and other factors. The company expects to use cash on hand to fund the ... program. In connection with the program, the company has entered into an agreement with the selling stockholders pursuant to which it intends to repurchase up to 1,000,000 shares from them concurrently with the closing of the secondary offering. The repurchase of shares from the selling stockholders will be effected in a private, non-underwritten transaction at a price per share equal to the price per share being paid by the underwriters to the selling stockholder in the offering. The closing of the program is contingent on the closing of the offering and the satisfaction of certain other customary conditions. The authorization under the program shall expire on December 31, 2013. On March 20, 2013, the company completed the agreement with the selling stockholders. As of March 31, 2013, the company has repurchased 1,000,000 shares for $37.92 million.
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