Telular Corporation (WRLS) Commences Dutch Auction Tender Offer to Repurchase up to 2M Shares of Stock

May 18, 2009 9:36 AM EDT

Telular Corporation (NASDAQ: WRLS) announced that it is commencing a modified "Dutch Auction" tender offer to repurchase up to 2,000,000 shares of its common stock, representing approximately 12% of Telular's outstanding shares. The closing price of Telular's common stock on the Nasdaq stock exchange on May 15, 2009 was $1.90.

Under the tender offer, shareholders will have the opportunity to tender some or all of their shares at a price within a range of $2.00 to $2.25 per share. Based on the number of shares tendered and the prices specified by the tendering shareholders, Telular will determine the lowest per share price within the range that will enable it to buy up to 2,000,000 shares, or such lesser number of shares that are properly tendered. If more than 2,000,000 shares are properly tendered at or below the determined price per share, Telular will purchase shares tendered at the determined price per share, on a pro rated basis. Additionally, if more than 2,000,000 shares are properly tendered, the number of shares to be repurchased by Telular pursuant to the tender offer may, at the discretion of Telular, be increased by up to 2% of Telular's outstanding shares, or approximately 345,000 shares, without amending or extending the tender offer.

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