BELLEVUE, Wash., March 13, 2014 /PRNewswire/ -- Outerwall Inc. (Nasdaq: OUTR) today announced the final results of its modified "Dutch Auction" self-tender offer for the purchase of up to $350 million in value of shares of its common stock, which expired at 12:00 Midnight, New York City time, at the end of the day of March 7, 2014.
Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, Outerwall accepted for payment an aggregate of 5,291,701 shares of its common stock at a final purchase price of $70.07 per share, for an aggregate cost of approximately $370.8 million, excluding fees and expenses relating to the tender offer. The shares accepted for purchase in the tender offer include shares accepted through Outerwall's exercise of its right to upsize the tender offer by up to 2% of its outstanding shares.
The aggregate number of shares purchased in the tender offer by Outerwall represented approximately 20.6% of its outstanding shares of common stock as of March 11, 2014. Following settlement of the tender offer, Outerwall has approximately 20,392,395 shares outstanding."We are happy with the success of our tender offer," said chief executive officer J. Scott Di Valerio. "Its completion demonstrates our commitment to delivering stockholder returns as we optimize capital allocation and drive for overall value creation, while expressing confidence in our business and long-term growth potential." The depositary will promptly issue payment for shares validly tendered and accepted for purchase in accordance with applicable law. Shares tendered and not accepted for purchase will be returned promptly to stockholders by the depositary in accordance with applicable law.