Theragenics is commencing a modified “Dutch Auction” tender offer to purchase up to $10M of its common stock. Under the terms of the tender offer, Theragenics stockholders will have the opportunity to tender some or all of their shares at a price within a range of $2.00 to $2.40 per share. Based on the number of shares tendered and the prices specified by the tendering stockholders, Theragenics will determine the lowest per share price within the range that will enable it to buy $10M of its shares, or such lesser number of shares that are properly tendered. All shares accepted for payment will be purchased at the same price, regardless of whether a stockholder tendered such shares at a lower price within the range. At the minimum price of $2.00 per share, Theragenics would repurchase a maximum of 5,000,000 shares, which represents approximately 14% of Theragenics’ currently outstanding common stock. Theragenics will fund this repurchase from available cash on hand.
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?