Willkie Advises Mueller Industries on $427 Million Repurchase Transaction

September 25, 2012

Metal tube manufacturer Mueller Industries, Inc. repurchases 27.2% of its outstanding shares from Leucadia National Corp.

On September 24, Willkie client Mueller Industries, Inc. announced that it has repurchased 10,422,859 shares of Mueller common stock owned by Leucadia National Corporation at a negotiated price per share of $41.00, for an aggregate purchase price of over $427 million. The repurchased shares equate to approximately 27.2% of Mueller’s common shares outstanding immediately prior to the repurchase transaction and constitute Leucadia’s entire ownership stake in Mueller. The repurchase was approved by Mueller’s Board of Directors following the recommendation of the directors not affiliated with Leucadia and was funded using a combination of the company’s available cash on hand and borrowings under the company’s existing credit facility. Headquartered in Memphis, Tennessee, Mueller Industries is a leading manufacturer of plumbing, HVAC, refrigeration and industrial products. The transaction was handled by partner Serge Benchetrit and associates Sean Ewen, Julian Golay and Joseph Antignani.