Newell Brands Inc. NWL, -2.75% announced Tuesday an agreement to buy back $275 million of its stock that currently beneficially owned by billionaire activist investor Carl Icahn and certain affiliates. Under terms of the deal, the consumer goods company, which brands include Rubbermaid, Sharpie, Paper Mate and Elmer’s, will pay $25.86 for each of the shares it is repurchasing, which matches Friday’s closing price. After the repurchase deal closes, which is expected to occur on Feb. 25, Icahn’s Icahn Enterprises L.P. IEP, -0.51% will own about 33 million shares, or about 8% of the shares outstanding. Newell said the repurchases are part of its $375 million stock repurchase program. Newell’s stock, which fell 0.7% in premarket trading, has rallied 12.3% over the past three months through Friday, while the S&P 500 SPX, -1.84% has shed 7.1%.
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