CallWave (CALL) Announces Tender Offer To Purchase Its Shares At $1.15 A Share, A 44% Premium
CallWave, Inc. (NASDAQ: CALL) announced that it is offering to purchase shares of its common stock in a tender offer for $1.15 per share. The offer price represents a premium of approximately 44% to the closing price of the Company's common shares of $0.80 on the NASDAQ as of the close of business on May 4, 2009. In connection with the tender offer, CallWave stated that it intends to deregister and delist its common stock and take the Company private.
CallWave plans to use cash on hand to pay for shares purchased under the tender offer. As of March 31, 2009, the Company reported $35.2 million in cash and cash equivalents. As of May 31, 2009, there were 21,175,971 shares of the Company's common stock issued and outstanding.
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