Expedia says more than 62 million shares tendered in offer ended Wednesday

By Lisa Kerner

Charlotte, N.C., Aug. 9 - A total of 62,170,148 shares of Expedia, Inc. common stock were properly tendered and priced between $27.50 and $30.00 per share in the company's tender offer, according to preliminary results released on Thursday.

A total of 30,105,267 shares were tendered at prices at or below $29.00 per share, including 12,788,252 shares that were tendered through notice of guaranteed delivery.

Expedia's Dutch auction tender offer for up to 25 million shares of its common stock ended at 5 p.m. ET on Wednesday.

Based on the preliminary results, Expedia expects to acquire 25 million shares at a purchase price of $29.00 per share for a total cost of some $725 million.

The proration factor is estimated at 83% based on the preliminary results, a company news release stated.

Expedia's board has authorized the repurchase of up to an additional 20 million shares of common stock.

The information agent for the tender offer is MacKenzie Partners, Inc. (800 322-2885).

As previously reported, Expedia announced on June 19 its plans to repurchase up to 116,666,665 shares, or roughly 42%, of its common stock at a price between $27.50 and $30.00 per share in a modified Dutch auction tender offer.

Directors and executive officers of the Bellevue, Wash.-based online travel services company, as well as Liberty Media Corp., did not intend to tender any shares in the offer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.