Archive for the ‘Financial services’ Category

Sybase has commenced its Dutch Auction tender offer to purchase no more than $300 million of its common stock at about $30 per share.
The number of shares to be purchased makes up approximately 12 percent of Sybase’s outstanding shares.
None of Sybase, its directors and officers, the dealer manager, or the information agent is making any recommendation to stockholders on whether to tender their shares. Stockholders must decide how many shares they will tender, if any, and the price within the specified range at which they will tender their shares for purchase by the company.
Sybase’s directors and executive officers have advised Sybase that they do not intend to tender any of their shares in the tender offer.
Merrill, Lynch, Pierce, Fenner & Smith Incorporated is acting as the dealer manager for the tender offer and the information agent is Innisfree M&A Incorporated. The depositary is American Stock Transfer & Trust Company.
The purpose of the auction is to allow stockholders to indicate how many shares and at which price within the company’s specified range they wish to tender.
Based on the number of shares tendered and the price specified by the tendering stockholders, the company will determine the lowest price per share within the range that will enable it to purchase up to 10,000,000 shares, or such lesser number of shares as are properly tendered.