Sylvan Learning Systems, Inc. Announces Extension of Tender Offer Period to Midnight Eastern Time On Wednesday, September 13, 2000.Business Editors BALTIMORE--(BUSINESS WIRE)--Sept. 7, 2000 Sylvan Learning Systems, 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 : SLVN) today announced that it is extending the tender offer period for its "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. " self-tender offer Self-tender offer A company that tenders for its own shares. from 12:00 Midnight Eastern time, on September 7, 2000, until 12 Midnight Eastern time, on September 13, 2000. Accordingly, the tender offer, 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. period and withdrawal rights will expire at 12:00 Midnight Eastern time, on Wednesday, September 13, 2000, unless Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. extends the tender offer further. Sylvan commenced the tender offer on August 21, 2000, when it offered to purchase up to 6,000,000 shares of its common stock at a price between $13.50 and $15.00 per share net to the seller in cash, without interest. All terms and conditions of the offer as described in the Offer to Purchase continue to apply to the offer as extended. This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of Sylvan's common stock. The solicitation of offers to buy Sylvan's common stock is only being made pursuant to the tender offer documents, including the Offer to Purchase and the related Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. , which were previously filed with the Securities and Exchange Commission. Shareholders should read those materials carefully prior to making any decisions with respect to the tender offer because they contain important information, including the various terms and conditions of the offer. Copies of the Offer to Purchase, the related Letter of Transmittal and other tender offer documents can be obtained for free by calling the Information Agent, D.F. King & Co., Inc. at 800/207-2014. Shareholders also can obtain the Offer to Purchase and related materials for free at the SEC's website at www.sec.gov. About Sylvan Learning Systems: Sylvan Learning Systems, Inc. (www.sylvan.net) is the leading provider of educational services to families, schools and industry. The Sylvan Learning Centers and Education Solutions provide personalized instruction services to K-12 students through direct consumer relationships and under contract to school systems. Sylvan provides courses to adult students throughout the world in the areas of English language, teacher training and accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. university offerings through the Wall Street Institute / ASPECT, Canter and Sylvan International Universities subsidiaries. Sylvan Ventures, Sylvan's new e-learning investment vehicle, focuses on bringing emerging Internet technology solutions to the education and training marketplace. Through its affiliate, Caliber Learning Network, Inc. (NASDAQ: CLBR CLBR Costa Linda Beach Resort (Aruba) - news), Sylvan also has the ability to distribute world-class adult professional education and training programs. This release may include information that could constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Security Exchange Commission filings. |
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