Armstrong Flooring Announces Preliminary Results Of “Dutch Auction” Self-Tender Offer
Armstrong Flooring announced the expiration and preliminary results of its modified “Dutch auction” self-tender offer to repurchase up to $50,000,000 in cash of its common stock.
Armstrong Flooring’s modified “Dutch auction” self-tender offer expired at 12 a.m., New York City time, at the end of June 14, 2019. Based on the preliminary count by American Stock Transfer & Trust Company, the depositary for the self-tender offer, 4,991,757 shares of Armstrong Flooring’s common stock, including 215,068 shares of common stock that were tendered through notice of guaranteed delivery, were properly tendered (and not properly withdrawn) at a price at or below the final purchase price of $11.10 per share.
In accordance with the terms of the self-tender offer and based on these preliminary results, which indicates that the tender offer was oversubscribed, Armstrong Flooring expects to repurchase 4,504,504 shares of its common stock at the final purchase price of $11.10 per share, for a total cost of approximately $50 million, excluding fees and expenses relating to the self-tender offer. The common stock expected to be repurchased in the self-tender offer represent approximately 17.3% of Armstrong Flooring’s issued and outstanding common stock as of June 14, 2019.
The number of shares of common stock expected to be repurchased in the self-tender offer is preliminary and subject to change. Armstrong Flooring will fund the repurchase of common stock in the self-tender offer using a portion of its cash and cash equivalents on hand. Payment for Armstrong Flooring’s common stock accepted for purchase in the self-tender offer will occur promptly after the final number of shares of common stock properly tendered and not properly withdrawn is confirmed by the depositary.
For more information, visit www.armstrongflooring.com.