Actuate to buy shares in 'modified Dutch auction'

By Associated Press
November 3, 2008 | Comments (0)

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Business software maker Actuate Corp. said Monday it plans to begin a "modified Dutch auction" tender offer to buy $60 million worth of its stock, at a price between $3.15 and $3.40 each.

The company plans to start the stock tender offer in early November and end it 20 business days later.

The maximum number of shares proposed to be purchased represents about 31 of the company's outstanding shares, Actuate said. The company plans to pay for the offer from a newly secured revolving credit facility and available cash on hand.

A "modified Dutch auction" lets stockholders choose how many shares and at what price within Actuate's specified range they want to tender.

Shares rose 37 cents, or 13 percent, to $3.21 in afternoon trading. The stock has traded in a 52-week range of $2.20 and $8.99.

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12/1/2009 4:00 PM
ACTU $4.08 Up +0.05 +1.24%
Actuate Corp CAPS Rating: ****

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