Financings in Brief: St. Jude Medical
This article was originally published in The Gray Sheet
St. Jude Medical: "Dutch auction" self-tender offer commences Feb. 12 for the repurchase of up to 8 mil. shares of stock. Under the terms of the offer, shareholders have an opportunity to specify prices between $32 and $39 per share at which they are willing to tender their shares. Upon receipt of the tenders, St. Jude will offer a price at or below the requested purchase prices that will enable it to purchase up to 8 mil. shares. The issue closed at $34.6875 on Feb. 11. Approximately 91.9 mil. shares are outstanding. Commenting on the offer that expires March 12, St. Jude Chairman and CEO Ronald Matricaria says: "The board of directors believes this offer is an attractive use of the company's financial resources and that the use of cash and borrowing to fund the offer will result in a more efficient capital structure for St. Jude." Credit Suisse First Boston is dealer manager for the offer...
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