NEW YORK (AP) -- Refinery operator Delek US Holdings Inc. said Tuesday that one of its shareholders plans to sell about 7.8 million shares of company stock.
The shares are being sold by Delek Hungary Holding Ltd. The underwriters of the sale will have the option to buy up to another 1.2 million shares. Delek Hungary will receive all the proceeds.
Delek US said it has approved a $75 million stock repurchase program and will buy 1 million of the shares Delek Hungary is selling.
The share repurchase program will expire Dec. 31.
Shares of Delek US Holdings fell 92 cents, or 2.3 percent, to $39.58 in afternoon trading.