Resources Connection (RECN +12.5%) commenced a “modified Dutch auction” tender offer to purchase up to 6M shares of its common stock at a price per share not greater than $16.00 nor less than $13.50.
“This tender offer is reflective of the Board’s commitment to return capital to our shareholders,” stated Kate W. Duchene, interim Chief Executive Officer of RGP. “If our tender offer is fully subscribed, we will have returned approximately $138.3 million to shareholders over the last twelve months when combined with our existing dividend and open market share repurchase programs. After the transaction closes, we will continue to have a very sound balance sheet, strong cash flows and the ability to borrow as needed with our revolving credit facility.”
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