SPRINGFIELD, Mo. - The Paul Mueller Company (OTC: MUEL), a manufacturer of stainless steel products, has initiated a tender offer to repurchase up to $10 million of its common stock at $80 per share. The repurchase program, which commenced today, allows the company to potentially increase the buyback by an additional $5 million at its discretion.
The Board of Directors at Paul Mueller Company views this offer as a way to return surplus cash to its shareholders and to enhance shareholder liquidity. The tender offer is set to remain open until May 7, 2024, at 5:00 CDT, subject to the company's right to extend the deadline.
Eligible shareholders will receive the Offer to Purchase materials, which detail the terms and conditions, including the company's acceptance obligations and the shareholders' limited withdrawal rights.
These documents are available on the company's website and are being distributed via mail to shareholders with physical stock certificates starting the week of March 18, 2024. Shareholders holding shares in street name will be contacted by their brokers with information on how to participate in the tender offer.
Computershare, Inc., along with its affiliate Computershare Trust Company, N.A., has been appointed as the Depositary for the tender offer. Georgeson LLC is acting as the Information Agent and can be contacted for inquiries at 800-357-8330.
The company has made it clear that this press release is not a solicitation or offer to buy or sell securities and that the tender offer is being conducted in accordance with the stipulations outlined in the Offer to Purchase.
Paul Mueller Company has also included forward-looking statements in the press release, cautioning that actual future results may vary due to several factors. These statements are not guarantees of future performance and are subject to risks and uncertainties. The company has directed readers to its Annual Report for a more detailed discussion of these factors.
This news article is based on a press release statement from the Paul Mueller Company.
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