Franklin Covey Co. Commences Dutch Auction Tender Offer
Published July 30th, 2008
Franklin Covey Co. (NYSE: FC) today announced that it has commenced its previously announced modified Dutch Auction tender offer for up to $28.0 million in value of shares of its common stock at a price within (and including) the range of $9.00 to $10.50 per share, which may allow up to 3,111,111 shares, or approximately 16 percent of the Company’s outstanding common stock, to be acquired through the tender offer. The midpoint of this range represents a premium of approximately 17 percent over Franklin Covey’s closing stock price of $8.35 on July 28, 2008, the last trading day preceding the commencement of the tender offer.
The tender offer will expire at 5:00 p.m. New York City time, on August 27, 2008, unless extended by Franklin Covey. Tenders of Franklin Covey common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer. The tender offer is subject to terms and conditions described in the Offer to Purchase filed with the Securities and Exchange Commission (“SEC”) and distributed to shareholders.
The Company intends to finance the tender offer primarily from the proceeds of the sale of its Consumer Solutions Business Unit, which closed July 7, 2008.
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