Delta & Pine (NYSE:DLP)
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Delta and Pine Land Company Announces Amended Preliminary Results
of Tender Offer
SCOTT, Miss., May 19 /PRNewswire-FirstCall/ -- Delta and Pine Land Company
(NYSE:DLP) announced today amended preliminary results of its modified "Dutch
auction" tender offer, which expired at 12:00 Midnight, New York City time,
Tuesday, May 17, 2005. The preliminary results have been amended following
action taken by the Company's Board of Directors to purchase additional shares
tendered, without extending the tender offer in accordance with applicable
securities laws.
Based on preliminary calculations, the Company now expects to purchase
2,410,522 shares at a price of $27.00 per share by exercising its right to
purchase additional shares. Shares tendered at or below $27.00 per share will
include shares tendered by persons who indicated that they are willing to
accept the price determined in the offer. All shares purchased in the tender
offer will receive the same price. The Company does not expect the tender
offer to be subject to proration as preliminary results indicate 2,410,522
shares were properly tendered and not withdrawn at a price at or below $27.00
per share.
Under the terms of the tender offer, the Company had offered to purchase shares
of its common stock at the lowest price within the price range of $25.00 to
$28.75 per share that would allow it to purchase up to 1,739,130 shares, or
such greater number of shares that the Company elected to purchase, subject to
applicable law.
The number of shares to be purchased and the final purchase price per share are
preliminary and therefore subject to change. The actual number of shares
purchased, the final purchase price and the proration factor, if any, will be
announced promptly following completion of the confirmation process by the
depositary of the proper delivery of the shares validly tendered and not
withdrawn. Payment for the shares accepted for purchase, and return of all
other shares tendered and not accepted for purchase, will occur promptly
thereafter.
The dealer manager for the tender offer is UBS Securities LLC and the
information agent is Georgeson Shareholder Communications, Inc. For questions
and information about the tender offer, please call the information agent toll
free at (800) 561-4184.
About Delta and Pine Land Company
Delta and Pine Land Company is a leading commercial breeder, producer and
marketer of cotton planting seed. Headquartered in Scott, Mississippi, with
multiple offices in eight states and facilities in several foreign countries,
D&PL also breeds, produces and markets soybean planting seed in the U.S. For
more information about D&PL, please refer to the Company's website at
http://www.deltaandpine.com/.
DATASOURCE: Delta and Pine Land Company
CONTACT: Investors, Tom Jagodinski, Delta and Pine Land Company
Media, +1-662-742-4518; Jonathan Gasthalter, or Amy Cohen, both of Citigate
Sard Verbinnen, +1-212-687-8080
Web site: http://www.deltaandpine.com/