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March 8, 2012 /PRNewswire/ -- Mastech Holdings, Inc. (NYSE Amex: MHH), a national provider of Information Technology and Specialized Healthcare staffing services, announced the preliminary results of its modified Dutch auction tender offer, which expired at
New York City time, on
Wednesday, March 7, 2012.
Based on the preliminary count by BNY Mellon Shareowner Services, the depositary for the tender offer, a total of 429,886 shares of Mastech's common stock were properly tendered and not properly withdrawn at or below the purchase price of
$5.50 per share, including 17,286 shares that were tendered through notice of guaranteed delivery.
In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Mastech expects to acquire approximately 429,886 shares of its common stock at a price of
$5.50 per share, for an aggregate cost of approximately
$2,364,373, excluding fees and expenses relating to the tender offer. These shares represent approximately 12 percent of the shares of common stock outstanding as of
February 6, 2012, the last trading day before the commencement of the tender offer.
The number of shares to be purchased and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares tendered through notice of guaranteed delivery will be delivered within the five trading day settlement period. The final number of shares to be purchased and the final purchase price will be announced following the expiration of the guaranteed delivery period and completion by the depositary of the confirmation process. Payment for the shares accepted for purchase under the tender offer will occur promptly thereafter.