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Subsequent Events
3 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On January 5, 2017, our board of directors declared a dividend of $0.04 per share on our common stock, payable on or about February 21, 2017 to stockholders of record at the close of business on February 10, 2017.
On January 6, 2017, we sold our former Anvil segment, as discussed in Note 2.
On January 30, 2017, we signed an agreement to acquire Singer Valve, a manufacturer of automatic control valves.  The transaction is expected to close during our second quarter for a cash purchase price of approximately $26 million. Singer had net sales of approximately $15 million in calendar 2016 and will be included in our Mueller Co. segment.
On February 6, 2017, we entered into an accelerated share repurchase agreement with Bank of America, N.A. (“Bank of America”) to repurchase $50 million of our outstanding common stock. On February 7, 2017, we paid $50 million to Bank of America, for which we received an initial delivery of approximately 2.9 million shares of our common stock. The total number of shares out common stock repurchased pursuant to the agreement will be based generally on the average of the daily volume-weighted average prices of our common stock, less a fixed discount, over the term of the agreement. At final settlement, Bank of America may be required to deliver additional shares of common stock, or under certain circumstances, we may be required to deliver shares of common stock or to make a cash payment, at our election, to Bank of America. The terms of the accelerated share repurchase agreement are subject to certain customary adjustments.