Navigant accepts 18% of outstanding stock in tender offer

By Lisa Kerner

Charlotte, N.C., June 13 - Navigant Consulting, Inc. said final results of its modified Dutch auction show the company accepted for purchase 10,623,624 shares of its common stock at a purchase price of $20.50 per share, for a cost of $217.78 million.

The number of shares accepted is about 18% of Navigant's currently outstanding shares of common stock.

Holders who deposited shares in the tender offer at or below the purchase price will have all of their tendered shares purchased, subject to certain exceptions, a company news release stated.

Navigant, a Chicago-based consulting firm, announced the share repurchase offer on May 9. The company said it was offering to purchase up to 10.5 million shares priced between $19.50 and $22.50 each, for a maximum total purchase price of up to $236.25 million.

Banc of America Securities LLC and Credit Suisse Securities (USA) LLC were dealer mangers for the tender offer.

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