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Vicor Corporation
("Vicor" or the "Company") announced the preliminary
results of its "Modified Dutch Auction" tender offer, which expired
at 5:00 P.M., New York City time, on April 22, 2013. The Company will
not be extending the tender offer period.
Based on the preliminary count by Computershare Trust Company, N.A.,
the depositary for the tender offer, 1,001,602 shares of Common Stock
were properly tendered and not withdrawn before the 5:00 pm
expiration. An additional 342,983 shares of Common Stock have been
tendered through notice of guaranteed delivery. Once the shares
tendered through notice of guaranteed delivery have been presented
for valid tender to the depositary, the number of shares validly
tendered will increase by the number of such shares presented. All
shares have been tendered at a price at or below $5.00. Accordingly, based on these preliminary results, Vicor expects to purchase up to
1,344,585 shares at a price of $5.00 per share, for a total cost of
approximately $6.7 million, excluding fees and expenses relating to
the tender offer.
The number of shares to be purchased and the purchase price per share
are preliminary and subject to change. 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not withdrawn, including those shares tendered through notice of
guaranteed delivery presented for valid tender to the depositary. The
actual number of shares properly tendered and not withdrawn, the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 Vicor's Common Stock 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. Vicor will fund the purchase of the
shares in the tender offer from cash on hand.
Vicor may purchase additional shares in the future in the open market
subject to market conditions. Vicor may also purchase shares in
private transactions, tender offers or otherwise. However, under
applicable securities laws, Vicor may not repurchase any shares until
after May 6, 2013. Any possible future purchases by Vicor will depend
on many factors, including the market price of the shares, the
results of the tender offer, Vicor's business and financial position
and general economic and market conditions.
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