Powerhouse Ventures (ASX:PVLN)
Historical Stock Chart
From May 2019 to May 2024
Pavilion Bancorp, Inc. Announces Preliminary Results of Tender
Offer
ADRIAN, Mich., May 23 /PRNewswire-FirstCall/ -- Pavilion Bancorp, Inc.
("Pavilion Bancorp") (OTC:PVLN) (BULLETIN BOARD: PVLN) today announced the
preliminary results of its tender offer, which expired at 5:00 p.m., Eastern
time, on May 20, 2005. Pavilion Bancorp expects to purchase approximately
128,832 of its common shares, or approximately 15.0% of its shares of common
stock currently outstanding, at $66.00 per share pursuant to its tender offer.
Pavilion Bancorp expects that the total cost to purchase the estimated 128,832
shares, excluding fees and expenses incurred in connection with the offer, will
be $8.5 million.
According to preliminary reports from the depositary for the offer, the number
of shares tendered for purchase under the offer prior to its expiration
exceeded the number of shares that Pavilion Bancorp intends to purchase.
Therefore, Pavilion Bancorp will, in most cases, purchase approximately 65.0%
of the shares tendered by its shareholders. Tenders made by certain "odd lot"
holders will be purchased in their entirety, and tenders made by certain
shareholders who conditioned their tenders will be purchased (or not purchased)
in accordance with the procedures set forth in the offer.
The number of shares purchased and the proration factor are preliminary and
subject to verification by American Stock Transfer and Trust Company, the
depositary for the tender offer. The actual number of shares purchased and the
final proration factor will be announced promptly following completion of the
verification process. After the determination of the actual number of shares
purchased and the final proration factor, the depositary will issue payment for
the shares accepted for purchase and return of all other shares tendered.
Payment for the purchased shares and the return of certificates for shares not
purchased is expected to be made commencing as soon as practicable.
Any questions with regard to the tender offer may be directed to the Dealer
Manager/Information Agent for the offer, Donnelly Penman & Partners, at the
toll-free telephone number (866) 440-248.
Pavilion Bancorp, Inc., headquartered in Adrian, Michigan is a financial
services company with assets of $259.3 million and eight banking offices
located in southeastern Michigan. Pavilion Bancorp, Inc. through its
subsidiary the Bank of Lenawee provides a full range of banking services to
commercial businesses and individuals. The Bank of Lenawee makes business and
personal loans and offers a variety of deposit products, including checking,
savings, money market accounts and certificates of deposit.
DATASOURCE: Pavilion Bancorp, Inc.
CONTACT: Pamela S. Fisher, Corporate Secretary of Pavilion Bancorp,
Inc., +1-517-266-5054
Web site: http://www.pavilionbancorp.com/