Insperity (NSP) Updates on Modified 'Dutch Auction' Tender; Will Buyback $2.5M
Tweet
Share
E-mailGet Alerts NSP Hot Sheet
Join SI Premium – FREE
Insperity, Inc. (NYSE: NSP) announced the preliminary results of its modified “Dutch auction” tender offer, which expired at 11:59 p.m., New York City time, on Dec. 21, 2012.
Based on the preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, 80,983 shares of common stock, including 34,100 shares that were tendered through notice of guaranteed delivery, were properly tendered and not withdrawn, all of which were tendered at a price at or below $31.00. Based on these preliminary results, we expect to purchase 80,983 shares at a price of $31.00 per share for a total cost of $2.5 million, excluding fees and expenses relating to the tender offer.
The number of shares to be purchased in the tender offer and the price per share are preliminary. The determination of the final number of shares to be purchased is subject to confirmation by the depositary of the proper delivery of the shares properly tendered and not withdrawn. The actual number of outstanding shares properly tendered and not withdrawn, the number of shares to be purchased in the tender offer, the final price per share for shares purchased in the tender offer and the number of shares of our common stock that will be outstanding after payment for the tendered shares will be announced promptly following the completion of the confirmation process. Payment for the shares accepted for purchase will occur promptly thereafter. Payment for shares will be made in cash, without interest. We will fund the purchase of the shares in the tender offer from cash on hand.
As noted in the Offer to Purchase, we may purchase additional shares in the future in the open market subject to market conditions. We may also purchase shares in private transactions, tender offers or otherwise. However, under applicable securities laws, we may not repurchase any shares until after Jan. 8, 2013. Any possible future purchases by us will depend on many factors, including the market price of the shares, the results of the tender offer, our business and financial position and general economic and market conditions.
Based on the preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, 80,983 shares of common stock, including 34,100 shares that were tendered through notice of guaranteed delivery, were properly tendered and not withdrawn, all of which were tendered at a price at or below $31.00. Based on these preliminary results, we expect to purchase 80,983 shares at a price of $31.00 per share for a total cost of $2.5 million, excluding fees and expenses relating to the tender offer.
The number of shares to be purchased in the tender offer and the price per share are preliminary. The determination of the final number of shares to be purchased is subject to confirmation by the depositary of the proper delivery of the shares properly tendered and not withdrawn. The actual number of outstanding shares properly tendered and not withdrawn, the number of shares to be purchased in the tender offer, the final price per share for shares purchased in the tender offer and the number of shares of our common stock that will be outstanding after payment for the tendered shares will be announced promptly following the completion of the confirmation process. Payment for the shares accepted for purchase will occur promptly thereafter. Payment for shares will be made in cash, without interest. We will fund the purchase of the shares in the tender offer from cash on hand.
As noted in the Offer to Purchase, we may purchase additional shares in the future in the open market subject to market conditions. We may also purchase shares in private transactions, tender offers or otherwise. However, under applicable securities laws, we may not repurchase any shares until after Jan. 8, 2013. Any possible future purchases by us will depend on many factors, including the market price of the shares, the results of the tender offer, our business and financial position and general economic and market conditions.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Z Squared outlines AI power strategy and Paradox Data acquisition
- U.S. Physical Therapy names Nchacha Etta as CFO, effective Sept. 2026
- CleanCore Solutions to rename itself Zone Frontier Inc. on Aug. 31
Create E-mail Alert Related Categories
Corporate News, Stock BuybacksSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
