Ditech Networks to begin Dutch auction self-tender offer

By Lisa Kerner

Charlotte, N.C., Aug. 29 - The board of directors of Ditech Networks, Inc. OK'd a Dutch auction cash self-tender offer to purchase up to 9,100,000 shares of Ditech common stock at a range of $4.90 to $5.50 per share. Ditech (Nasdaq: DITC) closed at $5.01 on Aug. 28.

The total cost of the purchases is expected to be between $44.6 million and $50.1 million.

Ditech said it plans to begin the 21-day offer on Aug. 30.

The company, based in Mountain View, Calif., develops telecommunications equipment used in wireline, wireless, satellite, and internet protocol telecommunication networks.

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