Insperity Expects to Buy Shares at $31/Share for $2.5M
Insperity, Inc. (NYSE: NSP), a leading provider of human resources and business performance solutions for America's best businesses, today announced the preliminary results of its modified “Dutch auction” tender offer, which expired at 11:59 p.m., New York City time, on Dec. 21, 2012.
Based on the preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, 80,983 shares of common stock, including 34,100 shares that were tendered through notice of guaranteed delivery, were properly tendered and not withdrawn, all of which were tendered at a price at or below $31.00. Based on these preliminary results, we expect to purchase 80,983 shares at a price of $31.00 per share for a total cost of $2.5 million, excluding fees and expenses relating to the tender offer.
The number of shares to be purchased in the tender offer and the price per share are preliminary. The determination of the final number of shares to be purchased is subject to confirmation by the depositary of the proper delivery of the shares properly tendered and not withdrawn. The actual number of outstanding shares properly tendered and not withdrawn, the number of shares to be purchased in the tender offer, the final price per share for shares purchased in the tender offer and the number of shares of our common stock that will be outstanding after payment for the tendered shares will be announced promptly following the completion of the confirmation process. Payment for the shares accepted for purchase will occur promptly thereafter. Payment for shares will be made in cash, without interest. We will fund the purchase of the shares in the tender offer from cash on hand.
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