UTStarcom Announces Preliminary Tender Offer Results
UTStarcom Holdings (NASDAQ: UTSI) today announced the preliminary results of its previously announced tender offer for the purchase of up to 25,000,000 of its ordinary shares at a price of $1.20 per share, which expired at 5:00 P.M., New York City time, on Thursday, January 3, 2013.
Based on the preliminary count by Computershare Trust Company N.A., the depositary for the tender offer, a total of 62,964,139 of UTStarcom's ordinary shares were properly tendered and not properly withdrawn. Additionally, 1,058,784 shares were tendered pursuant to notice of guaranteed delivery procedures.
In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, UTStarcom expects to accept for purchase 25,000,000 of its ordinary shares at a purchase price of $1.20 per share, for an aggregate cost of approximately $30 million, excluding fees and expenses relating to the tender offer.
The 25,000,000 shares expected to be purchased in the tender offer represent approximately 17.6 percent of UTStarcom's currently issued and outstanding ordinary shares. Based on these preliminary numbers, UTStarcom anticipates that, following settlement