LookSmart Commences Dutch Auction Tender Offer
Published January 15th, 2008
LookSmart, Ltd. (NASDAQ:LOOK), an online advertising and technology solutions company, today announced that it has commenced its previously announced modified Dutch Auction self-tender offer for up to 4,825,000 shares of its common stock, at a price in the range of $3.40 to $4.15 per share, for a maximum aggregate purchase price of approximately $20 million. The mid-point of this range represents a premium of approximately 11% over LookSmart’s closing stock price of $3.40 on Monday, January 14, 2008, the last trading day preceding the commencement.
The Company intends to finance the repurchase from its existing cash, cash equivalents and short-term and long-term investments balances of approximately $56.2 million as of December 31, 2007, which includes $18.5 million in net proceeds generated through the sale of FindArticles in November 2007.
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