Companies and Brands
Weight Watchers Manages Successful Tender Offer To Retire Shares (WTW)
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Weight Watchers International Inc. (NYSE: WTW) managed a success with its dutch tender offer to repurchase shares out of the public float. The company now is going to repurchase about 12% of its outstanding shares at a cost of about $720 million. Shares are up on the shareholder return of capital, but S&P has previously cut the rating due to this removing much liquidity that had been on the balance sheet.
This previously announced self-tender offer came to 8.78 million shares at a price of $82.00 per share against almost 73.6 million shares outstanding. When Weight Watchers announced its tender it was for share prices between $72.00 and $83.00 per share.
Shares have risen steadily but they are up from a level of only $55.01 at the end of 2011. Shares closed at $82.00 on Thursday and the 52-week trading range is $51.28 to $86.97.
JON C. OGG
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