Cognex Corp. (CGNX) announced a cash tender offer for certain underwater stock options. The company stated that the tender offer applies to all outstanding stock options held by eligible employees, officers and directors having an exercise price equal to or greater than $23.00 per share, which is $5.13 or 29% above the 52-week high sale price of Cognex common stock preceding the start of the offer.
The company said, if all eligible options are tendered and accepted, the total cash paid by Cognex for the options will be approximately $9.6 million. Cognex expects to make the payment from available cash on hand.
The company said it will incur a pre-tax charge of up to approximately $900 thousand upon the closing of the offer if all eligible options are tendered and accepted.
The offer commenced on November 16 and will expire on December 15.
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