Press release
Universal Logistics Holdings, Inc. Announces Preliminary Results of Tender Offer
WARREN, Mich., Sept. 16, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) (the "Company" or "ULH") today announced the preliminary
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"WARREN, Mich., Sept. 16, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) (the \"Company\" or \"ULH\") today announced the preliminary 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 \nBased on the preliminary count by Computershare Trust Company, N.A. (\"Computershare\"), the depositary for the tender offer, approximately 1,101,597 shares were properly tendered and not properly withdrawn at or below the expected final purchase price of $22.50 per share, including shares that were tendered through notices of guaranteed delivery.\nIn accordance with the terms and conditions of the tender offer, the Company expects to acquire 1,101,597 shares at a final purchase price of $22.50 per share, for an aggregate purchase price of approximately $24,785,933. These shares represent approximately 3.9% of the Company's issued and outstanding shares as of August 2, 2019. The total amount of shares expected to be purchased in the tender offer includes the Company's right to increase the tender offer by up to two percent of the Company's outstanding shares and also 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 determination of the final number of shares to be purchased and the final price per share is subject to confirmation by Computershare of the proper delivery of the shares validly tendered and not withdrawn. \nThe number of shares to be purchased and the price per share are preliminary and are subject to verification by Computershare and subject to change for a number of reasons, including if some or all of the shares tendered through notices of guaranteed delivery are not delivered within the applicable two trading day settlement period. The actual number of shares to be purchased and the final price per share will be announced following the expiration of the guaranteed delivery period and completion of the confirmation process by Computershare, and are not expected to be announced until at least September 18, 2019. Promptly after such announcement, Computershare will issue payment for the shares validly tendered and acce...