Current Price – $43.41
Offer Price – $39- $42
Upside – no upside currently (opportunity might appear before offer expiration)
Expiration date – 23 April 2015
SL Industries, Inc., a Delaware corporation (the “Company,” “we,” “our” or “us”), is offering to purchase for cash up to 512,820 shares of its common stock, par value $0.20 per share, at a price not greater than $42.00 per share nor less than $39.00 per share. At the maximum purchase price of $42.00 per share, we could purchase 476,190 shares if the Offer is fully subscribed, which would represent approximately 11.7% of our issued and outstanding common stock as of March 26, 2015. At the minimum purchase price of $39.00 per share, we could purchase 512,820 shares if the Offer is fully subscribed, which would represent approximately 12.6% of our issued and outstanding common stock as of March 26, 2015.
No proration for Odd Lot holders:
We will purchase all shares tendered at or below the purchase price on a pro rata basis, except for “odd lots” (lots held by owners of less than 100 shares), which we will purchase on a priority basis
Source of Funds:
We anticipate that we will pay for the shares tendered in the tender offer and accepted by us, and all expenses attributable to the Offer, which we estimate to be approximately $125,000, from our available cash resources and available borrowings under our Credit Agreement with PNC Bank, National Association, as administrative agent and a lender thereunder, and the other financial institutions party thereto (as amended, the “2012 Credit Facility”). The Offer is not conditioned on the receipt of financing and we do not have any alternative financing plans with respect to the Offer.