Market Overview

Weight Watchers Announces Plan to Launch Self-Tender Offer and Related Stock Repurchase for Up To $1.5 Billion of its Common Stock


Weight Watchers International, Inc. (NYSE: WTW) today announced its plan to launch a "modified Dutch auction" tender offer for up to $720,000,000 of its common stock at a price per share not less than $72.00 and not greater than $83.00. This price range represents a 4.3% premium to a 20.3% premium to the year-to-date volume-weighted average price of $69.00 per share for the Company's common stock. The tender offer is expected to commence next week and will remain open for at least 20 business days.

A "modified Dutch auction" tender offer allows shareholders to indicate how many shares and at what price within the Company's specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering shareholders, the Company will determine the lowest price per share within the range that will enable the Company to purchase $720,000,000 of its common stock (or a lower amount if the offer is not fully subscribed). All shares purchased by the Company in the tender offer will be purchased at the same price. The Company will not purchase stock below a shareholder's indicated price, and in some cases, the Company may actually purchase shares at a price that is above a shareholder's indicated price under the terms of the tender offer. Artal Holdings Sp. Z o.o., Succursale de Luxembourg, the Company's majority shareholder, has agreed not to tender any shares in the tender offer.

Posted-In: News Offerings Buybacks


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