Brooks Automation to begin Dutch auction for more than 6 million shares on June 1

By Lisa Kerner

Charlotte, N.C., May 31 - Brooks Automation, Inc.'s board of directors authorized a modified Dutch auction self-tender offer to begin June 1 for the purchase of up to 6.06 million shares of Brooks' common stock, or about 8% of its 75.8 million outstanding shares.

The tender offer will end at 11:59 p.m. ET on June 28, unless extended, according to a company news release.

Proceeds from the company's recent sale of its Brooks Software Division will be used in the share repurchase to return money to shareholders.

Shareholders will have the opportunity to tender some or all of their shares at a price not less than $16.50 per share and not more than $19.00 per share.

Brooks' directors and executive officers do not intend to tender any shares in the offer, the company said.

"We believe our own stock represents an attractive investment opportunity, so we are investing in our future to enhance shareholder value," president and chief executive officer Edward C. Grady said in the release.

"We also believe that a tender offer provides an efficient way for shareholders to sell all or a portion of their shares as compared to market transactions. Our financial position remains solid, giving us the financial flexibility to support the levels of growth that we have been experiencing. We are taking this opportunity to leverage our financial position by initiating this repurchase program."

Brooks, based in Chelmsford, Mass., provides automation solutions and integrated subsystems to the semiconductor industry and to related industries.

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