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UTStarcom (UTSI) Tenders 25M Common at $1.20/Share in Latest Offer

January 10, 2013 6:06 AM EST Send to a Friend
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UTStarcom Holdings Corp. (Nasdaq: UTSI) announced the final results of its previously announced tender offer to purchase up to 25,000,000 of its ordinary shares at a price of $1.20 per share, which expired at 5:00 P.M., New York City time, on Thursday, January 3, 2013.

UTStarcom has accepted for purchase 25,000,000 of its ordinary shares at a price of $1.20 per share, for an aggregate cost of $30,000,000 excluding fees and expenses relating to the tender offer.

Based on the final tabulation by Computershare Trust Company N.A., the Depositary for the tender offer, 63,357,546 of UTStarcom's ordinary shares were properly tendered and not withdrawn (excluding any conditional tenders that were not accepted due to the specified condition not being satisfied). UTStarcom has been informed by the Depositary that, after giving effect to the priority for "odd lots," the final proration factor is approximately 39.4%.

The Depositary will promptly issue payment for the shares validly tendered and accepted for purchase and will return all other shares tendered.

Immediately following the purchase of the tendered shares, UTStarcom expects to have approximately 117,068,276 ordinary shares outstanding.

Jefferies & Company, Inc. is the dealer manager for the tender offer.




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