Global Sources plans tender offer for 13.4% of common stock

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Global Sources Ltd. said it will begin a tender offer for 6.25 million shares, or approximately 13.4%, of its outstanding common stock before the end of November.

The purchase price is $8.00 per share, and the offer is expected to expire by the end of December, according to a Global Sources news release.

As of Sept. 30, Global Sources had total cash, cash equivalents and available-for-sale securities of approximately $183 million.

Global Sources, a Hong Kong business-to-business media company, said the offer price is a 34.9% premium over its stock's closing price of $5.93 on Wednesday.

Directors and officers of the company, beneficially owing approximately 63.7% of Global Sources' outstanding common shares, can be expected to tender their shares in the offer, the release said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.