Coherent expects to acquire 7,981,119 shares at $28.50 per share
SANTA CLARA, Calif., March 18 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced the preliminary results of its modified
"Dutch Auction" tender offer, which expired at 5:00 p.m., New York City
time, on Monday, March 17, 2008.
Based on the preliminary count by the depositary for the tender offer,
Coherent expects to accept for payment an aggregate of 7,981,119 shares of
its common stock at a purchase price of $28.50 per share. These shares
represent approximately 25% of the shares issued and outstanding.
Based on the preliminary count by the depositary for the tender offer,
an aggregate of 7,981,119 shares were properly tendered and not withdrawn
at or below a price of $28.50, including approximately 2,904,000 shares
that were tendered through notice of guaranteed delivery. The shares
expected to be purchased are comprised of the 7,628,000 shares Coherent
offered to purchase and an additional 353,119 shares to be purchased
pursuant to Coherent's right to purchase up to an additional 2% of the
outstanding shares without extending the tender offer in accordance with
applicable securities laws.
The number of shares to be purchased and the price per share are
preliminary. The determination of the final number of shares to be
purchased and the final price per share is subject to confirmation by the
depositary of the proper delivery of the shares validly tendered and not
withdrawn. The actual number of shares validly tendered and not withdrawn
and the final price per share will be announced following the completion of
the confirmation process. Payment for the shares accepted for purchase will
occur promptly thereafter. Payment for shares will be made in cash, without
interest.
The self-tender offer was made pursuant to an Offer to Purchase and
Letter of Transmittal, each dated February 15, 2008, in which the Company
offered to purchase up to 7,628,000 shares at a price not less than $26.00
per share and not greater than $29.50 per share, filed with the Securities
and Exchange Commission on February 15, 2008, as amended on March 7, 2008.
Merrill Lynch & Co. is the Company's dealer manager for the tender
offer. The information agent is Georgeson Inc., and the depositary is
American Stock Transfer & Trust Company. Any questions with regard to the
tender offer may be directed to the information agent, at 877-868-4962.
Forward Looking Statements: This press release contains forward-looking
statements, as defined under the federal securities laws. These
forward-looking statements include statements regarding Coherent's
expectation regarding the number of shares to be purchased and the price at
which such shares will be purchased. These forward-looking statements are
not guarantees and are subject to risks, uncertainties and assumptions that
could cause the actual number of shares to be purchased, or the price at
which shares are ultimately purchased to differ materially and adversely
from the number and amount expressed in the forward-looking statements in
this press release. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as to Coherent's
expectations as of the date hereof. Coherent undertakes no obligation to
update these forward-looking statements as a result of events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Founded in 1966, Coherent, Inc. is a world leader in providing
photonics based solutions to the commercial and scientific research
markets.
SOURCE Coherent, Inc.
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Related links:
http://www.coherent.com/
CONTACT:
Leen Simonet, Executive Vice President and
Chief Financial Officer of Coherent, Inc., +1-408-764-4161
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