Friday, Extreme Networks Inc. (EXTR), a provider of network infrastructure equipment, said it accepted for purchase 28.57 million shares of its common stock at $3.50 per share in the "modified Dutch auction" tender offer that expired on September 12. The Santa Clara, California-based company said these shares represent about 24.4% of the shares outstanding as of September 16.
Based on the final count by the depositary for the tender offer, an aggregate of 44.86 million shares of common stock were properly tendered and not withdrawn at prices at or below $3.70 per share. The aggregate purchase price that will be paid by Extreme Networks in connection with the tender offer is $100 million. The company made the purchase pursuant to the Offer to Purchase, the Letter of Transmittal and applicable securities laws. The dealer manager for the tender offer was Goldman, Sachs & Co. and the information agent was MacKenzie Partners, Inc.
With the completion of the tender offer, Extreme Networks will have about 88,286,162 million shares of common stock outstanding.
EXTR closed Thursday's regular trade at $2.91, up $0.21 or 7.78%, on 1.89 million shares.
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