Seneca Foods Announces Final Results of Modified Dutch Auction Tender Offer
March 10 2021 - 8:15AM
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) (“Seneca” or the
“Company”), one of North America's leading providers of packaged
fruits and vegetables with facilities located throughout the United
States, today announced the final results of its modified Dutch
auction tender offer, which expired at 6:00 p.m., New York City
time, on Tuesday, March 9, 2021.
Based on the final count by Computershare Trust Company, the
depositary for the tender offer (the “Depositary”), Seneca has
accepted for purchase 531 shares of its Class A common stock, par
value $0.25 per share (the “Class A Shares”), at a price of $46.00
per Class A Share, for an aggregate cost of $24,426, excluding fees
and expenses relating to the tender offer. As Seneca accepted for
purchase all the Class A Shares that were properly tendered and not
properly withdrawn at a price at or below $46.00, there is no
proration factor. The Company will promptly pay for the Class A
Share repurchases with available cash.
“We believe our shares are undervalued, and we saw a tender
offer as an opportunity to enhance value for our shareholders based
upon the then current share price of our common stock,” said Seneca
Chief Executive Officer Paul Palmby. “We believe the
undersubscribed tender offer is clear evidence that shareholders
share our view.”
BofA Securities, Inc. acted as Dealer Manager for the tender
offer, Georgeson LLC acted as Information Agent for the tender
offer and Computershare Trust Company acted as the Depositary for
the tender offer. All inquiries about the tender offer should be
directed to the Dealer Manager or the Information Agent toll free
at (888) 803-9655 or (866) 628-6079, respectively.
About Seneca Foods Corporation
Seneca Foods is one of North America’s leading providers of
packaged fruits and vegetables, with facilities located throughout
the United States. Its high quality products are primarily sourced
from over 1,600 American farms. Seneca holds the largest share of
the retail private label, food service, and export canned vegetable
markets, distributing to over 90 countries. Products are also sold
under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green
Valley®, CherryMan®, READ®, and Seneca labels, including Seneca
snack chips. Seneca’s common stock is traded on the Nasdaq Global
Stock Market under the symbols “SENEA” and “SENEB”. SENEA is
included in the S&P SmallCap 600, Russell 2000 and Russell 3000
indices.
Contact: Timothy J. Benjamin, Chief Financial
Officer315-926-8100
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