LifeVantage To Begin Self-Tender Offer For Up To $40 Mln Of Stock - Quick Facts

(RTTNews) - LifeVantage Corp. (LFVN) said it would begin its prior announced modified Dutch auction tender offer today, September 24, 2013. Through the tender offer, the firm would offer to buy up to $40,000,000 of its stock at a price per share not less than $2.45 and not greater than $2.80. The tender offer expires at 5:00 p.m., New York City time, on Friday, October 25, 2013, unless extended by the company.

A modified Dutch auction tender offer allows stockholders to indicate how many shares and at what price within the company's specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering shareholders, the firm would determine the lowest price per share within the range that would enable the company to buy $40 million of its stock, or a lesser amount if the offer is not fully subscribed. All shares bought back by the company in the tender offer would be purchased at the same price.

The company said it expects to sign a new credit facility to fund the share purchases in the tender offer. The tender offer would not be conditioned on any minimum number of shares being tendered, but would be subject to the completion of the new credit facility and other customary conditions that are described in the tender offer materials.

D.A. Davidson & Co. would be the dealer manager for the tender offer.