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Topics AP

Nathan's completes tender offer

By AP | January 13, 2012

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NEW YORK (AP) — Hot dog purveyor and restaurant operator Nathan's Famous Inc. on Friday said it bought back about 600,000 shares for a total of about $13.2 million.

Nathan's made a "Dutch Tender" offer for up to 500,000 shares in an offer that expired on Thursday. In a Dutch Tender offer, a process in which shareholders have the option of tendering some or all of their stock at a price of their choice, within a certain range.

Nathan's offered a range between $20 and $22. The final offering price was $22 per share. The company accepted 98,959 additional shares since the tender offer was oversubscribed.

After the offer is complete, Nathan's will have about 4.3 million shares outstanding.

Nathan's operates 302 franchised and company owned restaurants.

Its shares fell 61 cents, or 2.9 percent, to $20.70 in morning trading. They have traded in a 52-week range of $16.06 to $21.62 per share.

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