Sport-Haley BOD authorizes modified 'Dutch Auction' tender offer
28 Dec '06
3 min read
"Our Board of Directors believes the modified 'Dutch Auction' tender offer represents a mechanism to provide our shareholders with the opportunity to tender all or a portion of their shares and thereby receive a return of some or all of their investment if they so elect," said Ronald J. Norick, Chairman of the Board of Directors.
"The Board also believes the tender offer provides our shareholders with an efficient way to sell their shares without incurring broker's fees or commissions associated with open market sales. Also, we believe that the Tender Offer is a beneficial use of our cash reserves for the benefit of our shareholders."
The Company, its Board of Directors and executive officers are not making any recommendation to shareholders as to whether to tender or refrain from tendering their shares into the tender offer.
Shareholders must decide how many shares they will tender, if any, and the price within the specified range at which they will offer shares for purchase by the Company.
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