Forrester Research Inc. (FORR) announced that it plans to commence later this week a "modified Dutch auction" self-tender offer to repurchase up to $130 million of its common stock at a price per share within the range of $32.00 to $36.00. The Nasdaq closing price of Forrester's common stock on March 28, 2013, was $31.65 per share.
The tender offer will not be conditioned upon any minimum number of shares being tendered, and it will remain open for at least 20 business days.
Forrester said it will use a portion of its cash, cash equivalents, and marketable investments to fund the repurchase of shares in the tender offer.
The company's directors and executive officers, including George Colony, Forrester's largest stockholder and its chairman and chief executive officer, have advised the company of their intention not to tender any shares in the tender offer.
While the company's board of directors authorized the tender offer, it has not made and will not be making any recommendation to the company's stockholders as to whether to tender or refrain from tendering their shares or as to the price or prices at which stockholders may choose to tender their shares. The company urged its Stockholders to discuss their decision with their tax advisors, financial advisors and/or brokers.
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