CCC Extends Self-Tender

CCC Information Services (CCCG Quote - Cramer on CCCG - Stock Picks) extended its common stock self-tender offer to next Friday.

The Chicago-based company, which provides technological support to the automotive claims and collision repair industries, said it extended the deadline to Aug. 27 from Aug. 24 as a result of the company's move Friday to file a credit agreement. Securities rules require the offer to be held open for five business days after such a filing, the company said.

CCC said the offer covers up to $210 million worth of stock at $18.75 a share. The company said 12.6 million shares had been tendered into the offer as of Thursday, meaning the deal is currently oversubscribed by around 15%.

The company announced the self-tender last month, saying it would allow investors to cash out part of their stakes at a premium.

"This offer provides our stockholders with the opportunity to monetize a portion of their investments in CCC at a premium over the recent stock price. At the same time, it allows us to enhance stockholder value over the long-term and continue to execute our strategic plan," CEO Githesh Ramamurthy said July 22. "The tender offer follows an intensive review and evaluation of the company's strategic investment alternatives which reinforced our belief that CCC is an industry leader and our stock is an attractive investment opportunity."

On Friday, CCC was flat at $17.50.