GigOptix Inc of San Jose, CA, USA (a fabless supplier of semiconductor and optical components for high-speed information streaming) has announced the preliminary results of its modified Dutch auction tender offer, which expired at 11:59 p.m., New York City time, on Tuesday, May 15, 2012.
The firm says that, based on the preliminary count by American Stock Transfer & Trust Company LLC, the depositary for the tender offer, a total of 1,707,712 shares of its common stock were properly tendered and not properly withdrawn at or below the purchase price of $2.85 per share. In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, GigOptix expects to acquire approximately 701,754 shares of its common stock at a price of $2.85 per share, for an aggregate cost of approximately $2m, excluding fees and expenses relating to the tender offer. These shares represent approximately 3.25% of the shares of common stock outstanding as of March 27, 2012, the last trading day before commencement of the tender offer.
Due to the oversubscription of the tender offer, GigOptix expects to accept for purchase approximately 41% of the shares properly tendered and not properly withdrawn at or below the purchase price of $2.85 per share by each tendering stockholder (other than ''odd lot'' holders whose shares will be purchased on a priority basis).
The number of shares to be purchased, the purchase price and the proration information are preliminary and subject to change. Shareholders who have questions may call the information agent, Innisfree M&A Incorporated, toll-free at (888) 750-5834. Banks and brokers may call collect at (212) 750-5833.
