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Pinnacle Airlines Corp (NASDAQ: PNCL) said on 30 November that it has purchased 2,492,060 shares of its outstanding common stock from Northwest Airlines Corp at a purchase price of USD13.22 per share.
The total consideration was USD32,945,033. Pinnacle also said that, with the sale of these shares, Northwest is no longer a shareholder of any of Pinnacle's common stock. However, Northwest still retains Pinnacle's Class A Preferred Shares, which Pinnacle has agreed to purchase from Northwest in January 2008. This transaction being completed, Pinnacle has repurchased 4,450,092 shares of its common stock since authorising a stock repurchase programme in May 2007 and reducing the total outstanding shares by approximately 20%.
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