The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic advisory and operations improvement consulting firm, today announced the preliminary results of its modified “Dutch auction” tender offer (the “Offer”) to purchase of up to $55 million in value of its common stock, par value $0.001 per share (“Common Stock”), which expired at 5:00 p.m., New York City time, on Wednesday, March 21, 2012.
Based on the preliminary count by Computershare Trust Company, N.A., the depositary for the Offer, a total of 11,591,235 shares of Hackett’s Common Stock were tendered properly and not withdrawn properly at or below the expected purchase price of $5.00 per share, including 754,016 shares that were tendered through notice of guaranteed delivery.
In accordance with the terms and conditions of the Offer, and based on the preliminary count by the depositary, Hackett expects to accept for purchase 11,000,000 shares of its Common Stock at a purchase price of $5.00 per share, for an aggregate cost of approximately $55 million, excluding fees and expenses relating to the Offer. The 11,000,000 shares expected to be purchased in the Offer represent approximately 26.67 percent of Hackett’s currently issued and outstanding shares of Common Stock. Based on these preliminary numbers, Hackett anticipates that following settlement of the Offer, it will have approximately 30,245,635 million shares outstanding.
Due to the oversubscription of the Offer, Hackett expects that stockholders who tendered properly and did not withdraw properly shares of Common Stock in the Offer at or below $5.00 per share will have approximately 94.9 percent of their tendered shares purchased by Hackett.The number of shares to be purchased, the purchase price and the proration information 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 three trading day settlement period. The final number of shares to be purchased, the final purchase price and the final proration information 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 Offer, and return of all other shares tendered and not purchased, will occur promptly thereafter.
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