AEP
Industries Inc. and Third Point LLC Announce Stock Repurchase Agreement
SOUTH HACKENSACK, N.J., June 27
/PRNewswire-FirstCall/ -- AEP Industries Inc. (Nasdaq: AEPI), announced today an agreement
with Third Point LLC and affiliates for the repurchase of 641,100 shares of its stock at
$44.00 per share representing a discount of 1.3% based on the close of the stock market on
June 26, 2007. This repurchase represents the
remaining position in AEP stock held by Third Point LLC.
Mr. Brendan Barba, Chairman, President and Chief Executive Officer of the Company,
said, "We are happy to have the opportunity to make this investment in our own
Company at this time and believe this transaction is in the best interests of all AEP
shareholders."
AEP Industries Inc. manufactures,
markets, and distributes an extensive range of plastic packaging products for the
food/beverage, industrial and agricultural markets. The Company has operations throughout
North America and Europe.
SOURCE AEP Industries Inc.
-0-
06/27/2007
/CONTACT: Paul
Feeney, Executive Vice President and Chief Financial Officer of AEP Industries Inc.,
+1-201-807-2330, feeneyp@aepinc.com/
(AEPI)