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QLT begins tender offer for up to $50 million of its common shares
By Lisa Kerner
Charlotte, N.C., Dec. 5 - QLT Inc. began its previously announced modified Dutch auction tender offer for up to $50 million of its common shares for not less that $2.20 and not more than $2.50 per share.
The offer will end Jan. 15, a QLT news release said.
If fully subscribed at the lowest price, 22.7 million, or 30%, of QLT's common shares will be repurchased.
According to QLT, if the tender offer is fully subscribed at the highest price, 20 million, or 27%, of its common shares will be repurchased.
QLT, a Vancouver, B.C.-based biopharmaceutical company, said it will fund the offer using existing cash reserves.
Goldman, Sachs & Co. and BMO Capital Markets are the dealer managers for the tender offer. Georgeson Shareholder Communications Inc. is the information agent (866 733-9452).
Computershare Investor Services Inc. is the depositary.
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