This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

UTStarcom Announces Preliminary Results Of Its Tender Offer

BEIJING, Jan. 4, 2013 /PRNewswire/ -- UTStarcom Holdings Corp. ("UTStarcom" or the "Company") (Nasdaq: UTSI), a leading provider of media operational support services and broadband equipment products and services, today announced the preliminary results of its previously announced tender offer for the purchase of up to 25,000,000 of its ordinary shares at a price of $1.20 per share, which expired at 5:00 P.M., New York City time, on Thursday, January 3, 2013.

Based on the preliminary count by Computershare Trust Company N.A., the depositary for the tender offer, a total of 62,964,139 of UTStarcom's ordinary shares were properly tendered and not properly withdrawn. Additionally, 1,058,784 shares were tendered pursuant to notice of guaranteed delivery procedures.

In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, UTStarcom expects to accept for purchase 25,000,000 of its ordinary shares at a purchase price of $1.20 per share, for an aggregate cost of approximately $30 million, excluding fees and expenses relating to the tender offer.

The 25,000,000 shares expected to be purchased in the tender offer represent approximately 17.6 percent of UTStarcom's currently issued and outstanding ordinary shares. Based on these preliminary numbers, UTStarcom anticipates that, following settlement of the tender offer, it will have approximately 117,067,711 ordinary shares outstanding.

Due to the oversubscription of the tender offer, UTStarcom expects that the number of shares that UTStarcom will purchase from each tendering shareholder will be prorated. Based on the preliminary count, UTStarcom estimates that the proration factor will be approximately 39.7 percent, excluding shares tendered pursuant to guaranteed delivery procedures, or 39.1 percent, assuming all shares tendered pursuant to guaranteed delivery procedures are properly delivered.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,968.80 -101.60 -0.56%
S&P 500 2,098.54 -15.95 -0.75%
NASDAQ 4,953.2880 -63.6410 -1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs