Press release
The Hackett Group, Inc. Announces Preliminary Results of Its $120 Million Dutch Auction Tender Offer
MIAMI--(BUSINESS WIRE)-- The Hackett Group, Inc. (NASDAQ: HCKT) (“Hackett” or the “Company”), a leading benchmarking, research advisory and strategic
About this update from The Hackett Group, Inc.
[{"type":"text","content":" MIAMI--(BUSINESS WIRE)--\nThe Hackett Group, Inc. (NASDAQ: HCKT) (“Hackett” or the “Company”), a leading benchmarking, research advisory and strategic consultancy firm that enables organizations to achieve Digital World Class™ performance, today announced the preliminary results of its modified “Dutch auction” tender offer (the “Offer”) to purchase up to $120 million in value of its common stock, par value $0.001 per share (the “Common Stock”), which expired at 12:00 midnight, New York City time, at the end of the day on December 8, 2022.\n\nBased on the preliminary count by Computershare Trust Company, N.A., the depositary for the Offer, a total of 4,889,815 shares of Hackett’s Common Stock were properly tendered and not properly withdrawn at or below the purchase price of $23.50 per share, including shares that were tendered through notice of guaranteed delivery.\n\nIn accordance with the terms and conditions of the Offer, and based on the preliminary count by the depositary, Hackett expects to accept for purchase 4,889,815 shares of its Common Stock at a purchase price of $23.50 per share, for an aggregate cost of approximately $114.9 million, excluding fees and expenses relating to the Offer. As Hackett expects to accept for purchase all of the shares which were properly tendered and not properly withdrawn at a price at or below $23.50, there is no proration factor. The 4,889,815 shares expected to be purchased in the Offer represent approximately 15.4 percent of Hackett’s currently issued and outstanding shares of Common Stock.\n\nThe number of shares expected to be purchased is preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares tendered through notice of guaranteed delivery will be delivered within the two trading day settlement period. The final number of shares to be purchased will be announced following the expiration of the guaranteed delivery period and completion by the depositary of the confirmation process. Payment for the shares accepted for purchase under the Offer will occur promptly thereafter.\n\nQuestions regarding the tender offer may be directed to BofA Securities, Inc. at (888) 803-9655 or to Georgeson LLC at (888) 680-1528.\n\nAbout The Hackett Group, Inc.\n\nThe Hackett...