Nathan’s Famous today announcedthat it will commence mailing to its stockholders on or about September 18, 2015 a modified Dutch Auction tender offer to purchase for cash up to 500,000 shares of its common stock, $.01 par value, at a price per share of not less than $33.00 nor greater than $36.00, for a maximum aggregate purchase price of $18,000,000.
The tender offer will commence on or about September 18, 2015, and the Company expects the tender offer will expire at 12:00 Midnight, Eastern Time, on or about October 16, 2015 unless extended or withdrawn.
Proration for Odd Lot holders:
There is currently no indication on how odd lots will be treated, but company's previous tender had provision for odd lots
Source of Funds:
The Company intends to fund this tender offer with cash on hand. At June 28, 2015, the Company had approximately $51.6 million of cash and cash equivalents and approximately $7.8 million of marketable securities.