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Actuate to buy back up to 31% of common stock in modified Dutch auction tender offer
By Lisa Kerner
Charlotte, N.C., Nov. 3 - Actuate Corp. said it plans to begin a modified Dutch auction tender offer to purchase $60 million, or 31%, of its common stock in early November.
The company will purchase the shares at a price per share not less than $3.15 and not greater than $3.40.
According to an Actuate news release, the offer is set to expire at 5 p.m. ET 20 business days after it begins.
Actuate has entered into an agreement with Wells Fargo Foothill, LLC, part of Wells Fargo & Co., that provides a revolving line of credit in the principal amount of up to $50 million, the release said.
"After careful review, Actuate's board of directors felt that a formal tender offer was the most efficient way to return value to our shareholders while ensuring that we remain well-capitalized to support our future investment opportunities," Actuate president and chief executive officer Peter Cittadini said in the release.
Jefferies and Co. is the dealer manager for the stock tender offer. D.F. King & Co., Inc. is the information agent, and Computershare, Inc. is the depositary.
Actuate provides software and services for business intelligence, performance management and reporting applications. The company is based in San Mateo, Calif.
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