Battery manufacturer Energizer Holdings ( ENR) said on Monday that it plans a "Dutch Auction" tender offer to buyback up to 6 million shares of its common stock.

The auction gives shareholders the opportunity to tender some or all of their shares for a price in the range of $25 to $29. Energizer will determine the lowest per-share price within the range that will allow it to buy back the 6 million shares, or a lesser number if the 6 million aren't properly tendered.

If more than 6 million shares are properly tendered at or below the price per share, the company will purchase shares on a pro rata basis, with the offer expiring on Aug. 30, 2002.

Shares of Energizer closed at $27.37 Friday before the Dutch Auction announcement.