Seaboard Corp.
SEB,
said it received a proposal from its founding family to buy back shares, and appointed an independent committee to examine it, according to a Securities and Exchange Commission filing late Tuesday. Seaboard said its Chair Ellen Bresky and other members of the Bresky family have asked the company to buy back “at least” $600 million in shares held by the Bresky Group. As a result, the board formed a special committee of two independent directors to evaluate the proposal, and retained Morris, Nichols, Arsht & Tunnell LLP as its legal counsel. The agribusiness conglomerate was founded in 1918 by Otto Bresky, and is headquartered in Merriam, Kansas. Seaboard shares were little changed after hours, following a 0.5% gain in the regular session to close at $3,543.49.
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