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Computer Task Group, Incorporated Announces Final Results of its Modified “Dutch Auction” Tender Offer
Computer Task Group Incorporated (NASDAQ:CTG), a leading provider of information technology solutions in North America announced the final results of its modified “Dutch Auction” tender offer. The company announced that it accepted for payment an aggregate of 1,530,990 shares at a purchase price of $8.85 per share. As quoted in the press release: Because the …
Computer Task Group Incorporated (NASDAQ:CTG), a leading provider of information technology solutions in North America announced the final results of its modified “Dutch Auction” tender offer.
The company announced that it accepted for payment an aggregate of 1,530,990 shares at a purchase price of $8.85 per share.
As quoted in the press release:
Because the number of shares tendered at or below the $8.85 purchase price exceeded the amount that CTG offered to purchase, the resulting proration factor, after giving effect to the priority for “odd lots,” was approximately 89.9% percent. The depositary will promptly pay for all the shares accepted for purchase and will return all other shares tendered.
The tender offer was made pursuant to CTG’s Offer to Purchase dated March 16, 2018, and the related Letter of Transmittal, in which the Company offered to purchase up to 1,530,990 shares of its common stock at a price per share not less than $8.05 and not greater than $9.00, which documents were filed with the Securities and Exchange Commission on March 16, 2018.
CTG may purchase additional shares in the future in the open market subject to market conditions as well as through private transactions, tender offers or otherwise. Under applicable securities laws, however, CTG may not repurchase any shares until May 1, 2018. Whether CTG makes additional repurchases in the future will depend on many factors, including but not limited to its business and financial performance, the business and market conditions at the time, including the price of the shares, and other factors CTG considers relevant.
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