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The Hackett Group, Inc.
HCKT announced today its plan to launch a modified “Dutch auction” tender offer to purchase up to $55 million in value of its common stock, at a price ranging from $4.25 to $5.00. The tender offer would allow the Company to repurchase approximately 27% of its outstanding common shares at the high-end of the pricing range. The Company intends to pay for the share repurchase from its existing cash and cash equivalents balances, which were approximately $33 million as of December 30, 2011, and with a new $50 million credit facility.
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