Extreme Networks announces preliminary results of Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., Sept. 15 - Extreme Networks, Inc. said a total of 45,695,983 shares were properly tendered and not withdrawn at prices at or below $3.70 per share in the company's modified Dutch auction tender offer ended Friday.

The number of shares includes approximately 12,317,587 shares that were tendered through notice of guaranteed delivery, a company news release said.

Extreme Networks said the results are preliminary but it expects to accept for payment a total of 28,571,428 shares of its common stock at a purchase price of $3.50 per share.

On Aug. 11, Extreme Networks announced it would begin the offer to purchase $100 million of its common stock at a price per share that is not less than $3.30 and not greater than $3.70.

According to Extreme Networks, the maximum number of shares proposed to be purchased in the tender offer represents about 26% of the company's outstanding common stock.

Goldman, Sachs & Co. was the dealer manager. Information agent is MacKenzie Partners, Inc. (800 322-2885).

Based in Santa Clara, Calif., Extreme Networks provides network infrastructure equipment for corporate, government, education and health-care enterprises and metropolitan telecommunications service providers.

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