The St. Joe Company Announces Preliminary Results of Tender Offer
September 23 2015 - 7:45AM
Business Wire
The St. Joe Company (NYSE: JOE) announced today the preliminary
results of its tender offer, which expired at 5:00 p.m., New York
City time, on September 22, 2015.
Based on a preliminary count by the depositary, the total number
of shares tendered and not validly withdrawn in the offer is
16,497,078. Of the total shares tendered, 888,992 were tendered
pursuant to the guaranteed delivery procedure described in the
Company’s Offer to Purchase. Tenders made pursuant to the
guaranteed delivery procedure will be accepted upon receipt of the
related stock certificates or confirmation of book entry transfer,
along with any other required documentation, within three business
days after the notice of guaranteed delivery was delivered to the
depositary. Based on the preliminary count, the Company expects to
purchase 16,497,078 properly tendered shares at $18.00 per share,
net to the seller in cash, less any applicable withholding taxes
and without interest, for a total purchase price of approximately
$296.9 million.
The actual number of shares to be purchased is subject to final
confirmation and the proper delivery of all shares tendered and not
withdrawn, including shares tendered pursuant to the guaranteed
delivery procedure. The actual number of shares will be announced
promptly following completion of the verification process. Payment
for shares accepted and the return of all shares tendered but not
accepted will occur promptly after determination of the number of
shares properly tendered.
D.F. King & Co., Inc. acted as information agent for the
tender offer and American Stock Transfer & Trust Company, LLC
acted as the depositary. All inquiries about the tender offer
should be directed to D.F. King & Co., Inc. at (800) 330-5897
(Toll Free) or (212) 269-5550 (Collect).
Important Notice Regarding
Forward-Looking Statements
This press release may include forward-looking statements,
including statements regarding the Company’s ability to complete
the tender offer, the number of shares the Company will be able to
purchase in the tender offer and the ability to achieve the
benefits contemplated by the tender offer. The statements made by
the Company are based upon management's current expectations and
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include
market conditions and other factors beyond the Company's control
and the risk factors and other cautionary statements described in
the Company's filings with the SEC, including the Company's Annual
Report on Form 10-K filed with the SEC on February 27, 2015 as
updated by subsequent Quarterly Reports on Form 10-Qs and other
current report filings.
About The St. Joe
Company
The St. Joe Company together with its consolidated subsidiaries
is a real estate development and operating company with real estate
assets and operations currently concentrated primarily between
Tallahassee and Destin, Florida. The Company uses these assets in
its residential or commercial real estate developments, resorts and
leisure operations, leasing operations or its forestry operations.
More information about the Company can be found on its website at
www.joe.com.
© 2015, The St. Joe Company. "St. Joe®", "JOE®", the "Taking
Flight" Design®, "St. Joe (and Taking Flight Design)®" are
registered service marks of The St. Joe Company.
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version on businesswire.com: http://www.businesswire.com/news/home/20150923005410/en/
The St. Joe CompanyInvestor Relations Contact:Marek Bakun,
1-866-417-7132Chief Financial OfficerMarek.Bakun@Joe.Com
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