TONTITOWN, Ark. — P.A.M. Transportation Services has released final results of its modified “Dutch auction” tender offer to repurchase up to 550,000 shares of its outstanding common stock.
In accordance with the terms and conditions of the tender offer, the company has accepted for purchase a total of 284,206 shares of its common stock, representing approximately 1.3% of the company’s issued and outstanding shares, at a purchase price of $18.00 per share, according to a news release.
Payment for the shares accepted for purchase under the tender offer will be made promptly, at a total cost to the company of $5,115,708, excluding fees and expenses related to the offer.
Based on the final count by Computershare Trust Company,, the depositary for the tender offer, an aggregate of 284,206 shares were properly tendered and not properly withdrawn at or below the final purchase price of $18.00 per share. The company will promptly pay for the shares accepted for purchase and return to tendering shareholders any shares tendered and not purchased.
P.A.M. expects to have approximately 21,755,186 shares of its common stock outstanding immediately following consummation of the tender offer.
The company may purchase additional shares in the future in the open market subject to market conditions and through private transactions, tender offers or otherwise. Under applicable securities laws, however, P.A.M. may not repurchase any shares until June 7.
Whether the company makes additional repurchases in the future will depend on many factors, including the number of shares purchased in this tender offer, its business and financial performance and situation, the business and market conditions at the time, including the price of the shares and other factors the company considers relevant, the news release notes.
P.A.M. has retained Georgeson LLC as the information agent for the tender offer.
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