Brooks Automation Completes Tender Offer
29.06.2007 20:08
Computers
- Source: Forbes
Chip manufacturing equipment maker Brooks Automation Inc. said Friday it will have to prorate the shares it buys back from shareholders who exceeded the limit set in its modified "Dutch auction" self-tender offer. In a "Dutch auction," a company sets a price range and shareholders submit an offer to sell their shares at a price within the range. The company then determines the price, based on the offers, that allows it to buy back the allotted number of shares. Brooks Automation (nasdaq: BRKS - news - people ) said it expects to purchase nearly 6.1 million shares of its stock at a purchase price of about $18.20 per share, for a total cost of about $110.3 million. The company had set a purchase price range of $16.50 to $19 per share. Based on a preliminary count, about 7.4 million shares were properly tendered at prices at or below the purchase price. The number of shares the company expects to purchase represents about 8 percent of its currently outstanding shares. Shares of Brooks Automation added 9 cents to $18.24 in aftermarket activity after sliding 34 cents to $18.15 during Friday's regular trading session. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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