SAN DIEGO, Dec. 11, 2013 /PRNewswire/ -- Bridgepoint Education, Inc. (NYSE: BPI), today announced the preliminary results of its tender offer to purchase up to 10,250,000 shares of its common stock at a price of $19.50 per share, which expired at 5:00 p.m., New York City time, on Wednesday, December 11, 2013. Based on the preliminary count by Wells Fargo Shareowner Services, the Depositary for the tender offer, approximately 11,349,711 shares of common stock and approximately 863,603 shares of common stock derived from the conversion of stock options were validly tendered and not withdrawn. An additional 38,508,115 shares were tendered through notice of guaranteed delivery, which includes the shares tendered by Warburg Pincus Private Equity VIII, L.P. and its affiliates ("Warburg Pincus"), the Company's major stockholder. Accordingly, Bridgepoint expects to accept for purchase a total of 10,250,000 shares at a purchase price of $19.50 per share, for a total cost of approximately $200 million.
Because the offer was oversubscribed, the number of shares that Bridgepoint will purchase from each tendering stockholder will be prorated. Based upon the preliminary count, Bridgepoint estimates that the proration factor will be approximately 19.4%, based on the assumption that all shares tendered pursuant to guaranteed delivery procedures are properly delivered. The number of shares validly tendered and not withdrawn and the proration factor are preliminary and could vary subject to: the proper delivery of all shares tendered (including shares tendered pursuant to guaranteed delivery procedures); and the impact of odd-lot tenders and conditional tenders. The actual number of shares validly tendered and not withdrawn and the final proration factor will be announced promptly following completion of the verification process. Promptly after such announcement, the Depositary will issue payment for the shares validly tendered and accepted for purchase under the tender offer and will return all other shares tendered.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV