Actuate to purchase up to $60 million of stock

By Lisa Kerner

Charlotte, N.C., Nov. 5 - Actuate Corp. began its previously announced modified Dutch auction tender offer on Wednesday.

The offer expires at 5 p.m. ET on Dec. 5, according to a company news release.

Actuate said it will purchase for cash up to a maximum of $60 million of its common stock at a price per share not less than $3.15 and not greater than $3.40.

The maximum number of shares proposed to be purchased in the offer is approximately 31.29% of Actuate's currently outstanding common stock.

The offer will be funded with $60 million of cash, of which approximately $30 million will be from the net proceeds of a credit facility and about $30 million will be from cash on hand.

It was previously reported that Actuate entered into an agreement with Wells Fargo Foothill, LLC, part of Wells Fargo & Co., that provides a revolving line of credit in the principal amount of up to $50 million.

Dealer manager for the offer is Jefferies & Co., Inc. Computershare, Inc. is the depositary.

Information agent is D.F. King & Co., Inc.

Actuate provides software and services for business intelligence, performance management and reporting applications. The company is based in San Mateo, Calif.

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