Green Plains Renewable Energy Inc. has agreed to repurchase 3.5 million shares from its largest stockholder at a discount to Friday's closing price, the ethanol producer said Monday.
The company said Monday that it paid NTR plc $8 per share, or about $28 million. The sale represented about one-third of NTR's stake in the Omaha company.
Green Plains' shares rose 25 cents, or 2.7 percent, to close at $9.39.
Green Plains said it will pay half the repurchase amount to NTR this week and the rest within 90 days.
NTR had held about 11.2 million shares, or 30.8 percent of Green Plains' stock.
Green Plains said it formed a special board committee that hired Rothschild to advise it on the deal.