SonoSite Inc. (SONO) announced the commencement of its earlier announced tender offer to repurchase up to $100 million of its common stock for cash through a modified "Dutch Auction" tender offer.
As announced earlier, under the tender offer terms, SonoSite shareholders have the opportunity to tender some or all of their shares at a price within the range of $26.10 - $30.00 per share.
At the minimum price of $26.10 per share, SonoSite would repurchase a maximum of 3.83 million shares, representing about 22% of SonoSite's currently outstanding common stock. SonoSite said it would fund the buyback from available cash on hand.
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