Calloway's Nursery Inc. (OTCPK:CLWY) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares at a price of $2.52 per share for $6.3 million. In a related transaction and pursuant to a recapitalization agreement, the tender offer is being made for 4,000,000 shares of Calloway's, of which the first 2,000,000 shares tendered will be purchased by Calloway's, the next 1,000,000 shares tendered will be purchased by 3K Limited and the shares tendered in excess of 3,000,000 will be purchased by both 3K Limited and Calloway's on a 50:50 basis.

If more than 4,000,000 shares are tendered in the offer, Calloway's and 3K Limited will purchase 4,000,000 shares from all shareholders who validly tendered their shares in the offer on a pro rata basis. The offer is not conditioned on a minimum number of shares being tendered. The offer will be valid till February 18, 2016.