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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
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approximately 863,603 shares of common stock derived from the conversion of stock options were validly tendered and not withdrawn.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
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 The number of shares validly tendered and not withdrawn and the proration factor are preliminary and could vary subject to: the proper delivery of all shares tendered (including shares tendered pursuant to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 The actual number of shares validly tendered and not withdrawn and the final proration factor will be announced promptly following completion of the verification process.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.