Armstrong's Dutch Auction Stock Repurchase Expires
Lancaster, PA, June 18, 2019--Armstrong Flooring announced the expiration and preliminary results of its modified “Dutch auction” self-tender offer to repurchase up to $50,000,000 in cash of its common stock.
Armstrong Flooring’s modified “Dutch auction” self-tender offer expired at 12:00 a.m. EST on June 14. Based on the preliminary count by American Stock Transfer & Trust Company, LLC, the depositary for the self-tender offer, 4,991,757 shares of Armstrong Flooring’s common stock, including 215,068 shares of common stock that were tendered through notice of guaranteed delivery, were properly tendered (and not properly withdrawn) at a price at or below the final purchase price of $11.10 per share. In accordance with the terms of the self-tender offer and based on these preliminary results, which indicates that the tender offer was oversubscribed, Armstrong Flooring expects to repurchase 4,504,504 shares of its common stock at the final purchase price of $11.10 per share, for a total cost of approximately $50.0 million, excluding fees and expenses relating to the self-tender offer. The common stock expected to be repurchased in the self-tender offer represent approximately 17.3% of Armstrong Flooring’s issued and outstanding common stock as of June 14.