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Charles River Associates (CRA) Announces Commencement of Tender Offer to Purchase up to $25 Million of Its Common Stock
BOSTON--(BUSINESS WIRE)-- Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services,
About this update from Cra International,inc.
[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\nCharles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced the commencement of a modified “Dutch auction” self-tender offer to purchase for cash up to $25 million in value of shares of its common stock at a price within (and including) the range of $66.25 to $76.00 per share. The closing price of CRA’s common stock on Friday, March 5, 2021, the last full trading day prior to the commencement of the tender offer, was $66.16 per share.\n\n“We continue to seek opportunities to maximize CRA’s long-term value per share through the prudent deployment of capital,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Today’s announcement supports our previously stated aim to return half of adjusted net cash flows from operations to our shareholders and reflects our continued confidence in the business.”\n\nThe tender offer will expire at 5:00 pm, Eastern Time, on Monday, April 5, 2021, unless extended by CRA. Tenders of CRA’s common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer.\n\nCRA intends to finance the tender offer with borrowing under its revolving credit facility and cash on hand.\n\nThe modified “Dutch auction” will allow shareholders to indicate how many shares and at what price or prices within CRA’s specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering shareholders, CRA will determine the lowest price per share within the range that will enable it to purchase up to $25 million of its common stock or a lesser amount if the offer is not fully subscribed. CRA also reserves the right to purchase up to an additional 2% of its shares outstanding pursuant to and without amending or extending the tender offer.\n\nCertain Information Regarding the Tender Offer\n\nGeorgeson Securities Corporation is acting as the dealer manager for the tender offer and Georgeson LLC will serve as information agent. The depositary is Computershare Trust Company, N.A. For more information about the tender offer, please contact Georgeson LLC at (800) 676-0098.\n\nWhile CRA’s board of directors has authorized the tender offer, none of CRA, its directors and officers, the dealer...