Press release
Universal Logistics Holdings, Inc. Announces Final Results of Self Tender Offer
WARREN, Mich., Sept. 18, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) (the "Company" or "ULH") today announced the final results of
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"WARREN, Mich., Sept. 18, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) (the \"Company\" or \"ULH\") today announced the final results of its modified \"Dutch auction\" tender offer to repurchase up to 600,000 shares of its outstanding common stock, which expired at 5:00 p.m., Eastern Time, on Friday, September 13, 2019. \n\n \nIn accordance with the terms and conditions of the tender offer, the Company has accepted for purchase a total of 1,101,597 shares of its common stock, representing approximately 3.9% of the Company's issued and outstanding shares, at a purchase price of $22.50 per share. Payment for the shares accepted for purchase under the tender offer will be made promptly, at a total cost to the Company of approximately $24,785,933, excluding fees and expenses related to the offer.\nBased on the final count by Computershare Trust Company, N.A. (\"Computershare\"), the depositary for the tender offer, an aggregate of 1,101,597 shares were properly tendered and not properly withdrawn at or below the final purchase price of $22.50 per share. The Company will promptly pay for the shares accepted for purchase and return to tendering shareholders any shares tendered and not purchased.\nThe total amount of shares purchased in the tender offer reflects the Company's right to increase the tender offer by up to two percent of its outstanding shares and includes a total of 600,000 shares tendered by a director of the Company, Mr. Manuel J. Moroun, and a total of 10,000 shares tendered by the Company's Chief Financial Officer, Mr. Jude Beres. The Company expects to have approximately 27,282,230 shares of its common stock outstanding immediately following consummation of the tender offer.\nThe Company may purchase additional shares in the future in the open market subject to market conditions and private transactions, tender offers or otherwise. Under applicable securities laws, however, the Company may not repurchase any shares until September 30, 2019. Whether the Company makes additional repurchases in the future will depend on many factors, including the number of shares purchased in this tender offer, its business and financial performance and situation, the business and market conditions at the time, including the price of the shares, and other factors the company considers relevant.\nThe Company has ...