Nudge From Glenhill Advisors Prompts Action from TLC Vision (TLCV)

By Douglas A. McIntyre Published Apr 11, 2:51AM EDT

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From 13D Tracker

Glenhill Advisors activist target, TLC Vision (Nasdaq: TLCV), is 8.5% higher this morning after the company announced a modified "Dutch auction" tender offer to repurchase up to $125 million of its common stock at a price per share not less than $5.75 and not greater than $6.25 (up to 30% of outstanding stock). The repurchase will be financed through a combination of cash-on-hand and borrowing.

In March, Glenhill Advisors filled its original 13D and disclosed a letter sent to the Chairman expressing its concern about the company’s underperformace. In April, an amended 13D from Glenhill Advisors noted they engaged in "consensual" discussions with certain senior executives and members of the Board of Directors of the Company.

Although Glenhill Advisors didn’t get into great detail about the nature of the discussion, one would have to assume that today’s announcement from TLC Vision is related the talks.

Glenhill paid on average in the high $4 per share range for its 13.9% stake in TLC Vision. Currently the stock is trading at $5.85.

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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.