Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 229

DexYP Announces Results of Tender Offer

Posted by fidest press agency su venerdì, 26 aprile 2019

DexYP®, a leading small business software provider, announced today the results of its tender offer, which previously expired at 10:00 a.m. Eastern Time on April 23, 2019 (the “Expiration Date”).DexYP raised new credit facilities in late 2018, and early 2019, the funds from which could be used for a variety of uses, including to launch a tender offer. On March 25, 2019 DexYP launched a tender offer to purchase up to 42,650,000 shares of common stock of DexYP (“Shares”) and up to 2,780,000 in vested and unexercised options to purchase Shares (“Options”) at $10.15 per Share and/or Option for an aggregate purchase price of $461,114,500.Following the Expiration Date, DexYP has reviewed the results of the tender offer, which was oversubscribed. Accordingly, DexYP has decided, pursuant to the terms of the tender offer, to exercise its right to accept for repurchase additional Share and Options up to 2% of the outstanding shares of Common Stock on a fully diluted basis, in each case on a pro rata basis. In total DexYP, accepted for repurchase (i) 43,114,970 Shares for up to $437,616,946 in aggregate value and (ii) 4,186,891 Options for up to $42,496,944 in aggregate value, for an aggregate value for both Shares and Options of up to $480,113,890, which repurchase shall be subject to adjustment to avoid the purchase of fractional Shares and/or Options (and shall be undertaken on a pro rata basis). The tender offer was oversubscribed and the Shares and Options were accepted, pursuant to the terms of the tender offer (a) subject to proration and (b) increased to reflect the Company’s decision to exercise its right pursuant to the terms of the tender offer to accept for repurchase additional Shares and Options up to 2% of the outstanding shares of Common Stock on a fully diluted basis, in each case on a pro rata basis.
Payment for the properly tendered Shares and Options that were accepted for purchase is expected to commence in the first week of May. Following the transaction, the amount of DexYP common stock outstanding is anticipated to be reduced from 103,196,920 shares to 60,081,950, subject to adjustment to avoid the purchase of fractional Shares and/or Options.

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