Multimedia Games expects to accept close to 2 million shares in Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., July 11 - Multimedia Games, Inc. said some 2,310,492 shares were properly tendered and not withdrawn priced at or below $12.55 per share in its modified Dutch auction tender offer ended July 10.

The company expects to purchase, on an 86% pro rata basis, about 1,992,032 shares of its common stock at $12.55 per share for a total cost of approximately $25 million, a company news release stated.

Multimedia's results are preliminary and subject to verification by the depositary. However, based on the preliminary results, the company expects to purchase about 7% of its outstanding common shares as of July 10.

Bear, Stearns & Co. Inc. was the dealer manager for the tender offer, with MacKenzie Partners, Inc. as information agent and American Stock Transfer & Trust Co., acting as depositary.

Austin, Texas-based Multimedia Games develops systems, content, electronic games and player terminals for the Native American and other gaming markets.

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