DaVita announces modified 'Dutch auction' tender offer for up to $1.2B of shares
DaVita announced that it has commenced a modified "Dutch auction" tender offer for up to $1.2B of its common stock at a price per share not less than $53.50 and not greater than $61.50. The tender offer will expire at 12:00 midnight, New York City time, at the end of the day on August 16, unless extended by DaVita or otherwise terminated. Tenders of shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case, in accordance with the procedures described in the tender offer materials. DaVita expects to enter into a new credit agreement and finance the share purchases in the tender offer with borrowings under such new credit agreement. The tender offer is not conditioned upon any minimum number of shares being tendered, but is subject to the successful execution of the new credit agreement with terms reasonably satisfactory to DaVita and total lender commitments of not less than $5.25B. The tender offer documents also contain tendering instructions and a complete explanation of the tender offer's terms and conditions.