Business
CORRECTING and REPLACING Winmark Corporation Commences Self-Tender Offer to Purchase up to 300,000 Shares
MINNEAPOLIS--(BUSINESS WIRE)-- Please replace the release with the following corrected version due to multiple revisions. The corrected release reads:
About this update from Winmark Corporation
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nPlease replace the release with the following corrected version due to multiple revisions.\n\n\nThe corrected release reads:\n\n\nWINMARK CORPORATION COMMENCES SELF-TENDER OFFER TO PURCHASE UP TO 300,000 SHARES\n\n\nWinmark Corporation (Nasdaq: WINA) announced today the commencement of a self-tender offer to purchase up to 300,000 shares, or approximately 7.6% of its outstanding common stock, for a price of $163.00 per share. The Company will use a combination of available cash and borrowings under its existing revolving line of credit to pay for the shares. The tender offer will expire at 12:00 Midnight, Eastern Time, on January 16, 2020, unless extended or withdrawn. The Board of Directors determined that it is in the Company’s and shareholders’ best interest to repurchase shares at this time given the Company’s financial performance, the strength of its balance sheet, the relatively illiquid trading market for the Company’s common stock and desire by one of its largest shareholders to obtain liquidity for the majority of his holdings.\n\n\nWinmark has retained Equiniti Trust Company as the Depositary for the tender offer and D.F. King & Co., Inc., as the Information Agent.\n\n\nCopies of the Offer to Purchase and the related Letter of Transmittal are being mailed to the Company’s shareholders. Additional copies of the Offer to Purchase or the related Letter of Transmittal may be obtained at the Company’s expense from the Information Agent at (800) 331-7543 (toll free). Questions regarding the tender offer should be directed to the Information Agent at (800) 331-7543 (toll free).\n\n\nWinmark Corporation creates, supports and finances business. At September 28, 2019, there were 1,255 franchises in operation under the brands Plato's Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. An additional 40 retail franchises have been awarded but are not open.\n\n\nCertain Information Regarding the Tender Offer\n\n\nNeither Winmark nor its officers, directors, the Information Agent or the Depositary makes any recommendation as to whether shareholders should tender shares in the tender offer. Winmark shareholders will be able to obtain a copy of the Schedule TO, Offer to Purchase and related materials filed by Winmark as part of the tender offer and other documents fil...