Pre-Paid Legal Commences Tender Offer
(RTTNews) - Pre-Paid Legal Services, Inc. (PPD | charts | news | PowerRating) on Wednesday said it commenced its previously announced self-tender offer for up to 1 million shares of the company's common stock, at a fixed purchase price of $35.00 per share. The company noted that the price represents a 5% premium compared to the June 23, 2006 closing price of $33.23 per share. The company also disclosed that the offer is schedules to expire at 5:00 p.m., New York City time, on August 2, 2006. Pre-Paid Legal Services expects to fund the purchase price from the proceeds of a $75 million term loan facility closed with Wells Fargo Foothill, Inc.
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