Press release
The Hackett Group, Inc. Commences $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 that it has commenced a modified “Dutch auction” tender offer to purchase up to $120 million in value of its common stock at a price not greater than $23.50 nor less than $20.50 per share. The tender offer begins today, November 9, 2022, and will expire at 12:00 midnight, New York City time, at the end of the day on December 8, 2022, unless extended or terminated by the Company.\n\nA modified “Dutch auction” tender offer allows stockholders to indicate how many shares and at what price within the specified range they wish to tender their shares. Based on the number of shares tendered and the prices specified by the tendering stockholders, Hackett will determine the lowest price per share within the specified range that will enable it to purchase $120 million in value of common stock at such price, subject to the terms of the tender offer. All shares purchased in the tender offer will be purchased at the same price, which may be higher or lower than the market price immediately prior to or during the tender offer. If the tender offer is fully subscribed, then $120 million in value of common stock will be purchased, representing between 16.1% to 18.5% of Hackett’s outstanding shares of common stock as of November 4, 2022, depending on the purchase price payable in the tender offer. In addition, in accordance with the rules of the Securities and Exchange Commission (“SEC”), Hackett may increase the number of shares accepted for payment in the offer by no more than 2% of the outstanding shares of common stock without amending or extending the offer. On November 8, 2022, the last full trading day prior to the commencement of the offer, the reported closing price of Hackett’s common stock on the Nasdaq Stock Market was $20.82 per share, which is above the $20.50 per share lower end of the price range for the tender offer. Accordingly, an election to accept the purchase price determined in the tender offer may lower the purchase price to a price below such closing price and could be below the reported closing price on the expiration date of the tender offer. The tender offer will exp...