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9. MODIFIED DUTCH AUCTION TENDER OFFER | 6 Months Ended
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Sep. 30, 2014
Modified Dutch Auction Tender Offer |
NOTE 9-MODIFIED DUTCH AUCTION TENDER OFFER | NOTE 9—MODIFIED DUTCH AUCTION TENDER OFFER On July 9, 2014 the Company announced that it had commenced a modified “Dutch auction” self-tender offer to repurchase for cash shares of its common stock for an aggregate purchase price of up to $25 million. Under the terms of the tender offer, the Company’s stockholders had the opportunity to tender some or all of their shares at a price within the range of $6.50 to $6.70 per share. The tender offer expired on August 6, 2014. The Company accepted for purchase an aggregate of 3,846,153 shares of its common stock at a final purchase price of $6.50 per share, for an aggregate cost of approximately $25 million, excluding fees and expenses related to the tender offer. A total of 10,466,830 shares were properly tendered and not properly withdrawn at a price of $6.50 per share. Since the offer was oversubscribed, the number of shares that the Company accepted for purchase from tendering stockholders was prorated, based upon the proration procedures described in the offer to purchase (other than shares tendered by “odd lot” holders, which were not subject to proration and were accepted in full). The aggregate number of shares purchased by the Company in the tender offer represented approximately 14.0 percent of its issued and outstanding shares of common stock as of August 8, 2014. Following settlement of the tender offer, the Company ha d approximately 23.7 million shares of its common stock outstanding.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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