Weight Watchers International has commenced a “modified Dutch auction” self-tender offer for up to 8.3m shares of its common stock at a price per share between $47.00 and $54.00, the company said.
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The offer will expire at 12am, New York City time, on 18 January 2007.
A modified Dutch auction self-tender offer allows shareholders to indicate how many shares and at what price within the company’s specified range they wish to tender, Weight Watchers said.
The company’s directors and executive officers and Artal Holdings, its majority shareholder, have advised the company that they do not intend to tender any shares in the tender offer.
Prior to commencing the tender offer, Weight Watchers said it also entered into an agreement to purchase shares from Artal, which owns approximately 55.2% of the company’s outstanding shares of common stock. The purchase is scheduled to occur 11 business days following the expiration date of the tender offer.
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