Beverly Hills Bancorp Inc. Announces Results of Tender Offer.CALABASAS, Calif. -- Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BHBC) (the "Company") today announced the results of its tender offer for the repurchase of 2,750,000 shares of the Company's common stock. The tender offer expired on August 14, 2006. Based on the count by the depositary for the tender offer, more than 2,750,000 shares were tendered at the minimum price of $9.00 per share. The Company made the tender offer through a procedure known as a modified "Dutch auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. ," which allowed each stockholder to select the price, within the range of $9.00 to $9.50 per share, at which the stockholder was willing to sell all or a portion of his or her shares to the Company. Because the number of shares tendered at the $9.00 minimum price exceeded the number of shares in the offer, the Company will repurchase all 2,750,000 shares at $9.00 per share, for a total purchase price of $24.75 million. The shares accepted for payment by the Company will be subject to proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. , as the offer was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. . All "odd lots" of less than 100 shares properly tendered at the $9.00 price will be purchased in full before any proration is made. Based on the preliminary results, the Company expects to purchase approximately 43% of the remaining shares which were tendered at the $9.00 price. The Company intends to remit the funds for the repurchase on Monday, August 21, 2006, after which the depositary will disburse dis·burse tr.v. dis·bursed, dis·burs·ing, dis·burs·es To pay out, as from a fund; expend. See Synonyms at spend. [Obsolete French desbourser, from Old French desborser the proceeds to the stockholders whose shares were repurchased. All other shares of common stock tendered will be returned to the stockholders. Upon completion of the repurchase, the Company will have a total of 18,718,166 shares of common stock outstanding, a reduction of 12.8% of the current outstanding shares. The tender offer was made pursuant to the Offer to Purchase dated July 14, 2006. The Information Agent is Keefe, Bruyette & Woods, Inc., and any questions or requests for documents or forms related to the offer should be directed to Keefe, Bruyette & Woods, Inc. at (877) 298-6520 (toll free). Beverly Hills Bancorp Inc. is a financial holding company that conducts banking operations through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , First Bank of Beverly Hills, with branch offices located in Beverly Hills and Calabasas, California. For further information, please see our website (www.bhbc.com) for our related communications. This release contains forward-looking statements. These forward-looking statements are not historical facts but rather are based on current expectations, estimates, and projections about our industry, our beliefs and our assumptions. Words such as "may," "will," "anticipates," "expects," "intends," "plans," "believes," "seeks" and "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. The Company's actual results may differ materially from those projected in these forward-looking statements as a result of a number of factors, including, but not limited to, the condition of the real estate market, the availability and conditions of financing for loan pool acquisitions, mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. and other financial assets Financial assets Claims on real assets. as well as interest rates. Readers of this release are cautioned not to place undue reliance on these forward-looking statements. |
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