Nabi Biopharmaceuticals Announces Preliminary Results of Its Self-Tender Offer
Published: Aug 01, 2012
ROCKVILLE, Md., July 31, 2012 (GLOBE NEWSWIRE) -- Nabi Biopharmaceuticals (Nasdaq:NABI) (the "Company") today announced the preliminary results of its "modified Dutch auction" tender offer, which expired at 12:00 midnight, at the end of the day, New York City time, on Monday, July 30, 2012. Based upon preliminary results, the Company expects to accept for payment an aggregate of 14,547,996 shares of its common stock at a purchase price of $1.68 per share, for an aggregate cost of approximately $24.4 million, excluding fees and expenses relating to the tender offer. The 14,547,996 shares expected to be purchased are comprised of 13,690,476 shares the Company offered to purchase and 857,520 shares to be purchased pursuant to the Company's right to purchase up to an additional 2% of the shares outstanding immediately prior to the commencement of the tender offer. The total number of shares the Company expects to accept for payment represents approximately 33.93% of the Company's outstanding shares of common stock as of July 1, 2012, the last day prior to commencement of the tender offer.