Electronics For Imaging, Inc. (EFII) announced that the final results of its previously announced modified "Dutch Auction" tender offer, which expired on December 18, 2009.
Based on the final count provided by Mellon Investor Services LLC, the depositary for the tender offer, about 8.33million shares were validly tendered and delivered and not withdrawn in connection with the tender offer. EFI accepted for purchase around 5.49 million shares, at a price of $12.75 per share, for a total cost of about $70 million, excluding fees and expenses related to the tender offer.
The number of shares accepted for purchase includes the 4.50 million shares that EFI initially offered to purchase plus an additional 990,196 shares resulting from the exercise of its option to purchase up to an additional 2% of its outstanding shares of common stock.
EFI expects to have around 44.5 million shares of its common stock outstanding as of the time immediately following payment for the accepted shares. Accordingly, the number of shares of EFI common stock will have been reduced by about 11%.
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