09:16 AM EDT, 06/06/2025 (MT Newswires) -- Weis Markets ( WMK ) said Friday that it has bought 2.15 million of its shares for $140 million, or $65 per share, in a private deal with two trusts tied to chief executive officer Jonathan Weis and his family.

The company said the purchase represents discounts of 12% to 16% compared to the stock's recent market averages.

The trusts plan to use the funds primarily to pay estate taxes related to the estate of Patricia Weis, the company said.

After the sale, members of the Weis family continue to own 61% of the company's outstanding stock, Weis Markets ( WMK ) said.

The company said it used a mix of cash and proceeds from selling securities to finance the buyback.

Shares were up more than 3% in recent Friday premarket activity.