Newhall Land & Farming has said it will buy back up to 500,000 of its units. The Valencia developer and agricultural company is a publicly held partnership, whose 20.5 million units are traded on the New York and Pacific stock exchanges like shares of stock.
Robert Wilke, Newhall's executive vice president, said the company's board of directors decided after the Oct. 19 crash that its units had hit bargain levels. "We just think we're a good buy," he said. Wilke characterized the stock purchase as an investment and not part of any plan to transfer the company to private ownership. Since January, Newhall has announced plans to buy back 1.2 million of its units.