Auction Blog

KAR Auction Services, Inc. (the “Company”) today announced the final results of its previously announced cash tender offer (as defined in the Offer to Purchase dated November 30, 2009, as amended by the Press Release dated December 18, 2009, the “Tender Offer”) for its 10% Senior Subordinated Notes due 2015 (CUSIP No. 48238QAF2) (the […]

KAR Auction Services Announces Final Results of Tender Offer for a Portion of Its Debt

Tucows Inc. a global provider of domain names, email and other Internet services, announced today the final results of its second modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on July 9, 2009. Tucows will purchase 1,103,823 shares of its Common Stock at a purchase price of $0.45 per share, for a total of $496,720.35. The 1,103,823 shares to be purchased are comprised of the 1,000,000 shares Tucows offered to purchase and 103,823 shares to be purchased pursuant to Tucows’ right to purchase up to an additional 2 percent of the shares outstanding immediately prior to the commencement of the tender offer. Due to over-subscription, the final proration factor for shares tendered at or below $0.45 per share is approximately 99.8%. For this purpose, shares tendered at $0.45 per share include shares tendered by those persons who indicated, in their letter of transmittal, that they are willing to accept the price determined in the offer. All shares purchased in the tender offer will receive the same price.

Payment for shares accepted for purchase, and the return of all other shares tendered but not accepted for payment, will be made promptly by StockTrans, Inc., the depositary for the tender offer.

As a result of the completion of the tender offer and immediately following payment of the tendered shares, Tucows will have approximately 67,757,477 shares issued and outstanding.

View post:
Tucows Final Results of Second Dutch Auction Tender

Tucows Inc. a global provider of domain names, email and other Internet services, announced today the preliminary results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on July 9, 2009. Tucows expects to purchase 1,115,000 shares of its Common Stock at a purchase price of $0.45 per share, for a total of $501,750. The 1,115,000 shares expected to be purchased are comprised of the 1,000,000 share Tucows offered to purchase and 115,000 shares to be purchased pursuant to Tucows right to purchase up to an additional 2% of the shares outstanding immediately prior to the commencement of the tender offer. Due to oversubscription, Tucows expects the final proration factor for shares tendered at or below $0.45 per share to be approximately 99.8%. For this purpose, shares tendered at or below $0.45 per share will include shares tendered by those persons who indicated, in their letter of transmittal, that they are willing to accept the price determined in the offer. All shares purchased in the tender offer will receive the same price.

The price per share and the proration factor are preliminary and subject to verification by StockTrans, Inc., the depositary for the tender offer. The actual price per share and the proration factor will be announced promptly following completion of the verification process. After the determination of the actual price per share and the proration factor, the depositary will issue payment for the shares accepted under the tender offer and return all shares not accepted.

Tucows commenced the tender offer on May 26, 2009, when it offered to purchase up to 4,000,000 shares of its Common Stock at a price between $0.36 and $0.45 per share, net to the seller in cash, without interest. On June 24, the Company reduced the amount of Common Stock that it was offering to repurchase under the offer to 1,000,000 shares and extended the offer to July 9, 2009.

As a result of the completion of the tender offer, Tucows expects to have 67,742,321 shares issued and outstanding as of the time immediately following payment for the tendered shares.

About Tucows

Tucows is a global Internet services company. OpenSRS manages over 8 million domain names and millions of email boxes through a reseller network of over 9,000 web hosts and ISPs. Hover is the easiest way for individuals and small businesses to manage their domain names and email addresses. YummyNames owns premium domain names that generate revenue through advertising or resale. Butterscotch.com is an online video network building on the foundation of Tucows.com. More information can be found at http://tucowsinc.com.

Read the rest here:
Tucows Announces Preliminary Results of Second Dutch Auction Tender Offer

Cell Therapeutics, Inc. (the “Company” or “CTI”) today announced that it has amended and restated its “Modified Dutch Auction” tender offer to a fixed price tender offer for any and all of the approximately $118.9 million outstanding principal amount of five series of its convertible notes (the “Notes”). In addition, rather than a single offer for a combined aggregate principal amount of Notes, the Company is now offering to exchange, in separate concurrent offers as set forth below (each, an “Exchange Offer” and together, the “Exchange Offers”), shares of Common Stock and cash for any and all of its:

(i) $55,150,000 aggregate outstanding principal amount of 4% Convertible Senior Subordinated Notes due 2010; (ii) $23,000,000 aggregate outstanding principal amount of 5.75% Convertible Senior Notes due 2011; (iii) $7,000,000 aggregate outstanding principal amount of 6.75% Convertible Senior Notes due 2010; (iv) $33,458,000 aggregate outstanding principal amount of 7.5% Convertible Senior Notes due 2011; and (v) $335,000 aggregate outstanding principal amount of 9.0% Convertible Senior Notes due 2012.

Under the Exchange Offers, CTI is offering to exchange (i) $134.50 cash, and (ii) 458 shares of its Common Stock for each $1,000 principal amount of Notes validly tendered and not withdrawn in each Exchange Offer (the “Exchange Consideration”). The Exchange Consideration will be the same for each Exchange Offer. Accrued and unpaid interest to, but excluding, the settlement date on Notes validly tendered and not withdrawn in the Exchange Offers will be paid in cash.

As a result of the amendment and restatement, the Exchange Offers have been extended and will now expire at 5:00 p.m., New York City time, on Tuesday, June 16, 2009, unless the Exchange Offers are further extended. Tendered Notes may be withdrawn at any time on or prior to the expiration date of the Exchange Offers.

As of June 1, 2009, approximately $118.9 million aggregate principal amount of the Notes was outstanding. The Exchange Offers are conditioned upon the satisfaction of certain terms and conditions described in the Company’s Amended and Restated Offer to Exchange, dated June 2, 2009, the related Amended and Restated Letter of Transmittal, and other related offer materials (which collectively, as may be amended, restated, supplemented, or otherwise modified from time to time, constitute the “Exchange Offer Documents”), which have been or will be delivered to holders of the Notes.

CTI is conducting the Exchange Offers in order to reduce the principal amount of its outstanding indebtedness. CTI believes that reducing its outstanding indebtedness is necessary in order for its business to operate in light of its current asset base and revenue prospects.

The financial advisor for the Exchange Offers is Piper Jaffray & Co., the information agent for the Exchange Offers is Georgeson Inc. and the depositary for the Exchange Offers is U.S. Bank National Association.

About CTI, Inc.

Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit www.CellTherapeutics.com.

More here:
Cell Therapeutics Amends and Restates Its Modified Dutch Auction Tender Offer

Ritchie Bros. Auctioneers is holding an unreserved public auction in Boston on June 10, 2009 starting at 9:00 a.m. local time. The Company, in business for more than 50 years, has held three other unreserved auctions in the city of Boston over the years - the last time was in 2003. This upcoming multi-million dollar unreserved public auction will feature the previous assets of Greystone Equipment LLC and equipment from other owners, including 16 large cranes. At the request of the State of Rhode Island court-appointed Receiver, Joseph P. Ferrucci, Esq., of the Providence law firm Ferrucci Russo P.C., Ritchie Bros. Auctioneers was hired to spearhead the auction process given its substantial experience and proven track record in unreserved auctions of this nature.

“This is the auction event of the year for the crane industry,” says Stephen O’Duggan, Territory Manager for Ritchie Bros. Auctioneers. “When it comes to selling this many large cranes, Ritchie Bros. is the best avenue for reaching a global audience and achieving world fair market value. We’ve been getting a lot of calls from interested buyers in England, Ireland, India, and across the United States. People are in need of this equipment because they still have jobs that use these machines, and this is a great selection of cranes..”

Among the large items being sold are a number of 300-ton cranes. These include a 2007 Link-Belt, sold brand-new in 2008 for $2.1 million, and two Manitowoc M250’s, which are worth $2.3 million each when brand new. Every item will be sold unreserved to the highest bidders on auction day regardless of price, with no reserve prices or minimum bids. According to Mr. O’Duggan, this auction is the first big grouping of large cranes on the market in this region in over four years.

“Since our auction site is between the Boston and Providence ports, it will be easy for buyers to transport these large cranes overseas, if needed,” said Mr. O’Duggan.

The auction site is still accepting new consignments for the sale. The unreserved auction will be open to the public and interested buyers can register in person at the site in Plainville, MA a few days before auction day or over the internet if they plan on bidding online during the auction.

Auction details: —————- - Location: 3 Belcher St, Plainville, MA. Auction Site Phone: +1.508.643.0194 - Time and date: 9:00 a.m. auction start on Wednesday, June 10, 2009. - Open to the public; registration to bid is free - Interested buyers can register to bid in person or over the internet days before the auction. Visit the auction site to register to bid in person; photo I.D. is required. Customers can inspect equipment during regular business hours leading up to the auction. - Internet bidders must register online before auction day at www.rbauction.com; at least 2-3 business days is recommended for first-time internet bidders - Equipment details, including photos, are available on the Ritchie Bros. web site: www.rbauction,com

Read the original post:
Ritchie Bros. returning to Boston for large crane auction