USA: Big Dog Announces Preliminary Results Of Share Offer
Big Dog Holdings, Inc (Nasdaq:BDOG;) today announced the completion of its previously announced cash tender offer to purchase 3,500,000 of its common shares at a price per share of $6.25. The cash tender offer expired at 9:00 am Pacific time on August 30, 2000, at which time trading was halted for the remainder of the trading day. Trading will resume on Thursday, August 31, 2000. Approximately 6,944,011 common shares were tendered pursuant to the offer, of which approximately 47,876 were tendered pursuant to notices of guaranteed delivery. Based on such preliminary results, the offer is oversubscribed and a proration factor of approximately 50.4 per cent for the tendered shares will be applied. The estimated proration factor is subject to change. The company expects to announce the final proration factor on Wednesday, September 6, 2000. A when-distributed market has been set up on the NASDAQ National Market under the trading symbol BDOGV to facilitate trading in the prorated shares. As of August 30, 2000, the company had approximately 11,983,450 common shares outstanding. As a result of the completion of the cash tender offer, the company expects to have approximately 8,483,450 common shares outstanding as of the time immediately following payment for the tendered shares accepted for payment.
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