Franklin Covey accepts 15.4% of its common stock in tender offer ended Aug. 27

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Franklin Covey Co. said it accepted for purchase 3,027,018 shares, or 15.4%, of its common stock in the modified Dutch auction tender offer that ended Aug. 27.

The company will buy the shares for $9.25 each for a total of approximately $28 million, excluding fees and expenses, according to a Franklin Covey news release.

Zions Bank, the depositary for the offer, said a total of 3,104,307 shares were validly tendered, including by guaranteed delivery procedures, and not withdrawn at a price of $9.25 per share or less.

The final proration factor for the offer is 97.5%, Franklin Covey said.

On July 29, Franklin Covey began the offer for up to $28 million in value of shares of its common stock at a price within the range of $9.00 to $10.50 per share.

It was previously reported that the Salt Lake City consulting and training company would finance the tender offer primarily from the proceeds of the sale of its consumer solutions business unit, which closed July 7.

After the purchase, Franklin Covey will have approximately 16.6 million shares of common stock outstanding.

ThinkPanmure, LLC was the dealer manager for the offer. The information agent was Georgeson Inc. (800 491-3365).

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