Press release
Universal Logistics Holdings, Inc. Commences Self Tender Offer to Purchase up to 300,000 Shares
WARREN, Mich., Aug. 5, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today announced the commencement of a modified "Dutch auction"
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"WARREN, Mich., Aug. 5, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today announced the commencement of a modified \"Dutch auction\" tender offer to purchase up to 300,000 shares, or about 1.1%, of its outstanding common stock using funds borrowed under our existing line of credit and available cash, cash equivalents and short-term investments, at a price of not less than $21.00 and not more than $24.00 per share. The tender offer will expire at 5:00 p.m., Eastern Time, on September 3, 2019, unless extended or withdrawn. The Board of Directors determined that it is in the Company's best interest to repurchase shares at this time given Universal's cash position and stock price. \n\n \nA modified \"Dutch auction\" tender offer allows shareholders to indicate how many shares and at what price(s) they wish to tender their shares within the specified price range. Based on the number of shares tendered and the prices specified by the tendering shareholders, the Company will determine the lowest price per share within the range that will allow it to purchase up to 300,000 shares of its common stock, or a lower amount depending on the number of shares properly tendered and not properly withdrawn. Shareholders whose shares are purchased in the offer will receive the determined purchase price per share in cash, without interest, after the expiration of the offer period, subject to the conditions of the tender offer, including the provisions relating to proration. All shares tendered at prices higher than the purchase price will not be purchased and will be promptly returned to shareholders. The tender offer is not conditioned upon any minimum number of shares being tendered; however, the tender offer is subject to a number of other terms and conditions. Specific instructions and an explanation of the terms and conditions of the tender offer are contained in the Offer to Purchase and related materials that are being mailed to shareholders. \nUniversal Logistics Holdings, Inc. has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson LLC as the information agent. \nCopies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery are being mailed to the Company's shareholders. Additional copies of the Offer to Purchase, the related Lett...