SALT LAKE CITY, Sept. 24, 2013 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN), a company dedicated to helping people achieve healthy living through a combination of a compelling business opportunity and scientifically validated products, will commence its previously announced modified Dutch auction tender offer today, September 24, 2013. Through the tender offer, the Company will offer to purchase up to $40,000,000 of its common stock at a price per share not less than $2.45 and not greater than $2.80. The tender offer will expire at 5:00 p.m., New York City time, on Friday, October 25, 2013, unless extended by the Company. Tenders of shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case, in accordance with the procedures described in the tender offer materials.
A modified Dutch auction tender offer allows 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 prices specified by the tendering shareholders, the Company will determine the lowest price per share within the range that will enable the Company to purchase $40,000,000 of its common stock, or a lesser amount if the offer is not fully subscribed. All shares repurchased by the Company in the tender offer will be purchased at the same price.
The Company expects to enter into a new credit facility to fund the share purchases in the tender offer. The tender offer will not be conditioned upon any minimum number of shares being tendered, but will be subject to the completion of the new credit facility and other customary conditions that are described in the tender offer materials.D.A. Davidson & Co. will be the dealer manager for the tender offer. Georgeson Inc. will serve as information agent for the tender offer and Computershare will serve as depository for the tender offer.