- PAMT CORP (PAMT, Financial) raises the minimum purchase price in its Dutch auction tender offer from $14.00 to $14.50 per share.
- The offer allows PAMT to buy back up to 435,000 shares of its common stock with a maximum price set at $17.00 per share.
- The tender offer is set to expire on May 1, 2025, at 5:00 p.m. Eastern Time, unless extended or withdrawn.
PAMT CORP (PAMT), a company operating as a holding providing truckload dry van carrier services across the continental United States, Ontario, and Quebec, has announced an amendment to its current self-tender offer. The company has increased the minimum purchase price for its modified Dutch auction tender offer, aiming to purchase up to 435,000 shares of its common stock. The revised minimum price is now set at $14.50 per share, an increase from the previous $14.00, while the maximum remains at $17.00 per share.
According to PAMT, any shares tendered below the new minimum of $14.50 will automatically be deemed tendered at $14.50. The offer, unless extended or withdrawn, will expire on May 1, 2025, at 5:00 p.m. Eastern Time. The company has engaged Computer Share Trust Company as the depositary and Georgeson as the information agent for this tender offer.
This change provides shareholders with a strategic liquidity opportunity above the current market value, with the minimum price offering a 9.6% premium based on PAMT's recent stock price of $13.23. Meanwhile, the maximum price of $17.00 represents a substantial 28.5% premium.
PAMT's move to increase the minimum purchase price may reflect several factors, such as potential shareholder interest at the previous price level, increased confidence in the company's intrinsic value, or a strategy to ensure robust participation in achieving the 435,000 share target. As shareholders must decide by the deadline, those seeking liquidity can benefit from an immediate premium, while long-term investors may find it an opportunity to reassess their investment strategies.
