GameStop Announces Preliminary Results of its Modified Dutch Auction Tender Offer
July 11 2019 - 8:00AM
GameStop Corp. (NYSE: GME) today announced the
preliminary results of its “modified Dutch auction” tender offer to
purchase up to 12,000,000 shares of its Class A common stock, par
value $0.001 per share. The tender offer expired at 5:00 p.m., New
York City time, on July 10, 2019.
In accordance with the terms and conditions of the tender offer
and based on the preliminary count by Computershare Trust Company,
N.A., the depositary for the tender offer, GameStop expects to
accept for payment, at a purchase price of $5.20, a total of
12,000,000 shares properly tendered at the purchase price and not
properly withdrawn before the expiration date, at an aggregate cost
of approximately $62,400,000, excluding fees and expenses relating
to the tender offer. GameStop expects to accept the shares on a pro
rata basis, except for tenders of “odd lots,” which will be
accepted in full and conditional tenders that will automatically be
regarded as withdrawn because the condition of the tender has
not been met, and has been informed by the depositary that
the preliminary proration factor for the tender offer is
approximately 41.3%. The shares expected to be purchased represent
approximately 11.72% of GameStop’s Class A common stock issued and
outstanding as of July 10, 2019.
The number of shares expected to be purchased in the tender
offer, the price per share, total purchase price and the proration
factor are based on the assumption that all shares tendered through
notice of guaranteed delivery will be delivered within the
prescribed two trading day settlement period. The final number of
shares to be purchased, the final price per share, final total
purchase price and the final proration factor will be announced
following the expiration of the guaranteed delivery period and the
completion by the depositary of the confirmation process. Payment
for the shares accepted for purchase pursuant to the tender offer,
and the return of all other shares tendered and not purchased, will
occur promptly thereafter.
Shareholders who have questions or would like additional
information about the tender offer may contact the information
agent for the tender offer, Innisfree M&A Incorporated, at
(888) 750-5834 (toll free) or the dealer manager for the tender
offer, BofA Securities, Inc., at (888) 803-9655 (toll free).
About GameStopGameStop Corp., a Fortune 500
company headquartered in Grapevine, Texas, is a global,
multichannel video game and consumer electronics retailer. GameStop
operates over 5,700 stores across 14 countries. The company’s
consumer product network also includes www.gamestop.com and Game
Informer® magazine, the world’s leading print and digital video
game publication.
General information about GameStop Corp. can be obtained at the
company’s corporate website. Follow @GameStop and @GameStopCorp on
Twitter and find GameStop on Facebook at
www.facebook.com/GameStop.
Safe HarborGameStop has made statements in this
press release that are forward-looking statements. In some cases,
you can identify these statements by forward-looking words such as
“may”, “might”, “will”, “should”, “expect”, “plan”, “anticipate”,
“believe”, “estimate”, “intend”, “likely”, “predict”, “potential”
or “continue”, the negative of these terms and other comparable
terminology. These forward-looking statements, which are subject to
risks, uncertainties and assumptions about GameStop, may include
projections of GameStop’s future financial performance, based on
its growth strategies and anticipated trends in its business. These
statements are only predictions based on GameStop’s current
expectations and projections about future events. There are
important factors that could cause GameStop’s actual results, level
of activity, performance or achievements to differ materially from
the results, level of activity, performance or achievements
expressed or implied by the forward-looking statements. In
particular, you should consider the numerous risks outlined under
“Risk Factors” in GameStop’s 2018 Annual Report on Form 10-K, and
carefully review the other reports filed by GameStop.
ContactGameStop Corp. Investor Relations (817)
424-2001 investorrelations@gamestop.com
GameStop (NYSE:GME)
Historical Stock Chart
From Aug 2024 to Sep 2024
GameStop (NYSE:GME)
Historical Stock Chart
From Sep 2023 to Sep 2024