Multimedia Games announces final results of tender offer

By Lisa Kerner

Charlotte, N.C., July 16 - Multimedia Games, Inc. accepted 1,992,032 shares, or about 7%, of its common stock for purchase priced at $12.55 per share, for a total of about $25 million, in its modified Dutch auction tender offer ended July 10. These results are final.

A total of 2,310,092 shares were tendered at prices at or below $12.55 per share.

The company previously announced it would purchase up to $25 million in common stock, and the associated preferred share purchase rights, at a price per share not greater than $13.50 and not less than $12.25.

Mulitmedia Games' final results represent a proration factor equal to 86.1% under the terms of the tender offer, a company news release stated.

The repurchase is being funded with borrowings from Multimedia Games' $150 million bank credit facility.

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