NightHawk Radiology to begin tender offer for up to $50 million of stock

By Lisa Kerner

Charlotte, N.C., May 7 - NightHawk Radiology Holdings, Inc. said it plans to begin a Dutch auction tender offer within the next two weeks to purchase up to $50 million of its common stock.

The number of shares for which NightHawk will tender and the price range in which it will offer to purchase shares are to be announced, the company said in a news release.

"Our board of directors has reviewed our operations, strategy and expectations for the future, our existing and anticipated capital structure, and a variety of alternatives for using our available financial resources, and we believe that the tender offer is a prudent use of our financial resources and an effective means of providing value to our stockholders," chairman and chief executive officer Dr. Paul Berger said in the release.

"By conducting the tender offer, we believe we can provide all of our stockholders with the opportunity to tender all or a portion of their shares and to receive a return of some or all of their investment," Berger added.

None of NightHawk's directors or executive officers intends to tender any shares in the offer.

Morgan Stanley & Co. Inc. is the dealer manager, and Innisfree M&A, Inc. is the information agent for the offer. Mellon Investor Services, LLC will be the depositary, the release said.

NightHawk, based in Coeur d'Alene, Idaho, provides radiology services to radiology groups and hospitals in the United States.

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