Ditech Networks Announces Intention to Initiate Dutch Auction Self-Tender Offer for Its Common Stock
Published August 29th, 2007
Ditech Networks, Inc. , today announced that its board of directors has authorized a Dutch auction cash self-tender offer to purchase up to 9,100,000 shares of its common stock at a range of $4.90 to $5.50 per share. If Ditech Networks purchases the maximum number of shares, the total cost will be between approximately $44.6 million and $50.1 million. The closing price of the common stock on August 28, 2007 was $5.01 per share. The self-tender offer is expected to commence on or about August 30, 2007 and will remain open for a minimum of 21 business days.
The tender offer will be subject to a number of terms and conditions, which will be described in the offer to purchase to be distributed to stockholders on the date the tender offer is commenced. Neither Ditech Networks nor its board of directors is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer.
About Ditech Networks
Ditech Networks supplies voice processing equipment for telecommunication networks around the world. Ditech Networks’ solutions incorporate advanced voice processing, Session Initiation Protocol (SIP), and security technologies delivered on carrier-grade scalable platforms to enhance the delivery of communications services over mobile, Voice over IP, and wireline networks. Ditech Networks’ customers are premier network operators including Verizon Wireless, Sprint/Nextel, Orascom Telecom, and others that collectively serve more than 150 million subscribers. Ditech Networks is headquartered in Mountain View, California. For more information, visit http://www.ditechnetworks.com.
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