Nathan's launching Dutch tender to buy back up to 500K shares

• Nathan's Famous (NASDAQ:NATH) is launching a Dutch tender offer to buy back up to 500K shares at a price between $33 and $36 (implies a cost of $16.5M-$18M). The offer commences "on or about" Sep. 18, and expires "on or about" Oct. 16, unless extended or withdrawn.
• If taken up in full, the offer will serve to erase nearly 11% of Nathan's outstanding shares. The hot dog seller had $59.4M in cash/investments on its balance sheet as of June 28.