Winmark Corporation Announces Results of Its Self-Tender Offer
August 17 2017 - 9:37AM
Business Wire
Winmark Corporation (Nasdaq: WINA) announced today the results
of its self-tender offer to purchase up to 400,000 shares of its
common stock for a price of $124.48 per share, which expired at
12:00 midnight EDT, on August 16, 2017.
Based on the final count by Wells Fargo Bank, N.A., the
depositary for the tender offer, a total of 939,110 shares of the
Company's common stock were properly tendered and not properly
withdrawn in the tender offer. Due to the tender offer being
oversubscribed, the Company today accepted for payment, on a pro
rata basis, 400,000 shares of its common stock at the purchase
price of $124.48 per share, for an aggregate cost of approximately
$49.8 million, excluding fees and expenses related to the tender
offer. Based upon the count of shares tendered and shares accepted
for payment, the proration factor for the tender offer was
approximately 42.6 percent.
The number of shares purchased by the Company represents
approximately 9.5 percent of the Company's outstanding shares of
common stock as of August 16. The total amount of shares purchased
in the tender offer includes 370,836 shares from John L. Morgan,
the Company’s Executive Chairman of the Board.
The depositary will promptly issue payment for the shares
accepted for purchase in accordance with applicable law. Any shares
validly tendered and not purchased due to proration or conditional
tenders will be returned promptly to shareholders by the depositary
in accordance with applicable law. All inquiries about the tender
offer should be directed to D.F. King & Co., Inc. at (800)
290-6427 (toll free).
Winmark Corporation creates, supports and finances business. At
July 1, 2017, there were 1,199 franchises in operation under the
brands Plato's Closet®, Once Upon A Child®, Play It Again Sports®,
Style Encore® and Music Go Round®. An additional 59 retail
franchises have been awarded but are not open. In addition, at July
1, 2017, the Company had a lease portfolio of $41.0 million.
Note Regarding Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
relating to future events or the future financial performance of
the Company. Such forward-looking statements are only predictions
or statements of intention subject to risks and uncertainties and
actual events or results could differ materially from those
anticipated. Because actual result may differ, shareholders and
prospective investors are cautioned not to place undue reliance on
such forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170817005629/en/
Winmark CorporationBrett D. Heffes, 763-520-8500
Winmark (NASDAQ:WINA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Winmark (NASDAQ:WINA)
Historical Stock Chart
From Apr 2023 to Apr 2024