IMergent, Inc. Commences Dutch Auction Tender Offer
PHOENIX, Nov. 3, 2010 (GLOBE NEWSWIRE) -- iMergent, Inc. (AMEX:IIG) today announced that it has commenced its previously announced modified Dutch Auction tender offer for up to $4,750,000 in value of shares of its common stock at a price within (and including) the range of $4.35 to $4.75 per share, which may allow up to 1,091,954 shares, or approximately 10 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 35 percent over iMergent's closing stock price of $3.36 on July 27, 2010, 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 December 2, 2010, unless extended by iMergent. Tenders of iMergent common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer.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 with cash on hand.The modified Dutch Auction tender offer will give shareholders who tender their shares directly to the depositary the opportunity to sell a portion or all of their shares to the Company without incurring any brokerage fees or commissions and will allow shareholders to indicate how many shares and at what price within the Company's specified range they wish to tender. Based on the number of shares tendered and the price specified by the tendering shareholders, the Company will determine the lowest price per share within (and including) the range that will enable it to purchase up to $4,750,000 in value of shares of its common stock, or a lower amount depending on the number of shares that are properly tendered. Tender offer materials are being distributed to shareholders and are being filed with the SEC today. All shares purchased by the Company will be purchased at the same price, even if shareholders selected a lower price at which to sell; however, the Company will not purchase any shares above the determined purchase price. The tender offer is not conditioned on the receipt of outside financing or upon any minimum number of shares being tendered. The Company's Board of Directors and its executive officers do not intend to participate in the tender offer.
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