LookSmart Goes Dutch
LookSmart, Ltd., an online advertising and technology solutions company, today announced that its Board of Directors has approved a modified Dutch Auction self-tender offer for up to $20 million of its common stock. The Company expects that the self-tender offer will commence in early January, and will remain open for at least 20 business days after commencement. The anticipated offer range will be disclosed on the date of commencement.
The Company intends to finance the repurchase from its existing cash, cash equivalents and short-term and long-term investments balance, of approximately $52.9 million as of November 30, 2007, which includes $18.5 million in net proceeds generated for the Company through the sale of FindArticles in November 2007.
“The tender offer reflects our continued commitment to enhancing shareholder value and provides an attractive use of capital given LookSmart’s business and current market valuation,” commented Ted West, Chairman and Interim Chief Executive Officer. “We are very pleased that our strong cash balance allows us to return value to our shareholders while providing continued flexibility to pursue our growth prospects. We continue to believe significant value exists in our current operations through the execution of our long-term business opportunities.”
The modified Dutch auction tender offer will provide stockholders with the opportunity to specify the price at which they are prepared to sell their shares. The actual purchase price will be determined through an auction mechanism and will be the lowest price within the anticipated offer range at which the Company can purchase up to $20 million of its common stock.
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