Premiere Global Services, a global provider of on-demand communication technologies-based business process improvement solutions, announced that it will commence a $150 million self-tender offer by April 25, 2007 to acquire up to 11,857,707 shares of common stock, representing approximately 17% of the Company’s currently outstanding common stock, at a purchase price of $12.65 per share in cash. The offer price represents a premium of approximately 10% above the average closing stock price over the last ten trading days.
The Company’s Board of Directors, with the assistance of independent financial advisors, reviewed its strategic plan, its projected uses of cash flows for, among other things, capital expenditures, acquisitions, debt repayment and share repurchases, and a variety of alternatives for using the Company’s available financial resources. Following this comprehensive review, the Board determined that the tender offer is a prudent use of capital that delivers immediate value to its shareholders and enables the Company to continue to support growth of its business and the execution of its strategic plan.
The Company plans to fund the tender offer through borrowings under its existing credit facility, which has been amended to accommodate the tender offer. The Company currently projects the tender offer will be accretive to its diluted earnings per share. Premiere Global’s Board of Directors and executive officers have agreed not to participate in the tender offer.
The dealer managers for the tender offer will be Banc of America Securities LLC and Wachovia Capital Markets, LLC. The Information Agent for the tender offer will be Innisfree M&A Incorporated. The depositary for the tender offer will be American Stock Transfer & Trust Company.
Shareholders with questions, or who would like to receive additional copies of the tender offer documents when they are available, may call the Information Agent at (888) 750-5834. Banks and brokers may call collect at (212) 750-5833.
None of Premiere Global’s management, its Board of Directors, the dealer managers, the Information Agent or the depositary is making any recommendation to shareholders as to whether to tender or refrain from tendering their shares in the tender offer. Shareholders must decide for themselves how many shares to tender, if any. Shareholders should consult with their tax and financial advisors before making this decision.