Nathan's Famous Announces Final Results of Its Modified Dutch Tender Offer; 500K Shares at $20-22/Share
Nathan's Famous, Inc. (NASDAQ: NATH) announced today the final results of its modified Dutch Auction tender offer to purchase for cash up to 500,000 shares of its common stock, $0.01 par value, at a price per share of not less than $20.00 nor greater than $22.00 per share. The tender offer expired at 12:00 midnight, Eastern Time, on January 12, 2012.
Based on the final count by American Stock Transfer & Trust Company, the Depositary for the tender, 663,982 shares of common stock were properly tendered and not withdrawn, at or below the final purchase price of $22.00 per share. Pursuant to the terms of the tender offer, Nathan's Famous purchased an additional 98,959 shares (within up to 2% of the outstanding shares of its common stock). Since the tender offer was oversubscribed, Nathan's Famous, after taking into account priority given to holders of less than 100 shares, as provided in the Offer to Purchase dated December 8, 2011, as amended, used a proration factor of approximately 90.21 % of shares from each tendering shareholder. The purchase price for all of the shares purchased in the tender offer is $22.00 per share. As such, Nathan's Famous has accepted for purchase an aggregate of 598,959 shares of its common stock, at a purchase price of $22.00 per share, for a total cost of $13,177,098, excluding fees and expenses related to the tender.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.