Online women's and men's apparel company Blair Corporation announced the final results of the Company's tender offer to purchase 4,400,000 shares of its common stock at a price of $42.00 per share, net to the seller in cash, without interest. The Company commenced the tender offer on July 20, 2005 and it expired on August 16, 2005.
Based on a final count by Computershare Trust Company of New York, the depositary for the tender offer, a total of 6,304,810 shares were properly tendered and not withdrawn. Blair has accepted for purchase 4,400,000 shares at $42.00 per share. Due to over-subscription, the Company will purchase 69.8 percent of each stockholder's total shares tendered. The Company will return to each stockholder approximately 30.2 percent of those shares tendered. Payment for shares accepted for purchase and the return of all other shares tendered, but not accepted for payment, will be made promptly by Computershare.
Following the purchase of the shares tendered in the tender offer, the Company expects to have approximately 3,857,313 shares of its common stock issued and outstanding. "This tender offer was designed to strengthen position as an independent public company," said John E. Zawacki, President and CEO. "And, in all regards, it was successful. As a result, they remain confident in their ability to further increase their profitability and provide enhanced value to all of their shareholders - both current and future."
Blair financed the tender offer with credit from the Company's lenders, including PNC Bank and $64.8 million of its own cash reserves. Blair intends to repay funds borrowed for the tender offer with the proceeds received from the previously announced sale of its credit portfolio to Alliance Data Systems Corp. The closing of the Alliance Data Systems transaction remains on target for the fourth quarter of 2005.
marketing@alchempro.com
