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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Herman Miller to buy back $200m of its shares

Saturday 5 January 2008

Herman Miller Inc. has agreed to buy $200 million of its own shares from Morgan Stanley Inc.

The move is part of a $372 million share repurchase plan approved last year.

The Zeeland, Mich.-based company did not disclose the average purchase price or number of shares to be bought, according to a Securities and Exchange Commission filing Thursday.

A $200 million share repurchase agreement would cover about 6.8 million shares, or approximately 11 percent of shares currently outstanding, based on Friday\'s closing price of $29.50, and with nearly 61 million shares outstanding as of Dec. 1, 2007.

Herman Miller said last month that its board had approved the issuance of $200 million in senior unsecured private placement notes. The company also said it negotiated a $250 million unsecured revolving credit facility.

The stock has ranged from $23.07 to $40.79 during the past year.

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