Liberty Global Announces Dutch Auction Results1/10/2007 3:44 AM Eastern
Liberty Global, the international cable arm of media giant Liberty Media, announced the final results of its modified Dutch auction self-tender offers.
The company announced in November that it would purchase the stock -- 5,084,746 series-A shares at prices of $26.08-$29.50 and 5,246,590 series-C shares at prices of $25.27-$28.59.
Based on the final tabulation by the depositary for the tender offers, the purchase price for the series-A tender offer was $29.50 per share and the purchase price for the series-C tender offer was $28.59 per share, each representing the maximum of the respective tender offer price ranges.
In a Dutch auction, the price on a stock is lowered until it gets its first bid, and it is then sold at that price. The process differs from other auctions where large financial houses, acting as underwriters, set the price of the stock.