Armstrong Flooring Initiates Stock Repurchase Plan
Lancaster, PA, May 20, 2019-Armstrong Flooring has announced the commencement of a modified “Dutch auction” self-tender offer to repurchase up to $50,000,000 in cash of shares of its common stock, at a price per share within the range of $11.70 to $10.20, less applicable withholding taxes and without interest.
The NYSE closing price of Armstrong Flooring’s common stock on May 16 was $10.52 per share.
The tender offer will expire at the end of June 14 at 12:00 a.m. EST, unless the tender offer is extended or withdrawn by the company. Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case in accordance with the procedures described in the tender offer materials that are being distributed to stockholders.
The company believes that the modified “Dutch auction” tender offer mechanism is a prudent use of the company’s financial resources and an efficient way to return capital to stockholders who wish to receive cash for all or a portion of their shares.