LookSmart starts tender offer for up to $20 million of its common stock

By Lisa Kerner

Charlotte, N.C., Jan. 15 - LookSmart, Ltd. began a modified Dutch auction self-tender offer for up to 4,825,000 shares of its common stock, at a price in the range of $3.40 to $4.15 per share, for a maximum total purchase price of about $20 million.

The offer is set to expire at 5 p.m. on Feb. 13, according to a company news release.

As previously reported, LookSmart's board of directors approved the modified Dutch auction self-tender offer in December.

LookSmart said it will finance the repurchase using existing cash, cash equivalents and short- and long-term investment balances of about $56.2 million, including $18.5 million in net proceeds from the sale of FindArticles in November.

The dealer manager for the offer is Craig-Hallum, the information agent is MacKenzie Partners, Inc. and the depositary is Mellon Investor Services LLC.

LookSmart is an online advertising and technology company based in San Francisco.

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