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WCC repurchases shares

Wackenhut Corrections Corporation (WCC) has entered into an agreement to repurchase all 12 million shares of WCC common stock held by Group 4 Falck A/S, its 57% majority shareholder. WCC will pay Group 4 Falck a purchase price of $132 million in cash. The transaction was negotiated by a special committee of WCC's board of directors and approved by the independent directors on the WCC board.

Lars Norby Johansen, president and chief executive officer of Group 4, commented: "Group 4 Falck is pleased to have moved forward with its announced intention to dispose of the WCC shares it acquired in the acquisition of The Wackenhut Corporation last year. This transaction furthers our resolve to concentrate our efforts on the development of our core security and safety business."

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