BUFFALO, N.Y., March 16, 2018 (GLOBE NEWSWIRE) -- Computer Task Group, Incorporated (NASDAQ:CTG) today commenced its modified “Dutch Auction” tender offer to repurchase up to 1,530,990 shares of its common stock (subject to a customary increase if the tender offer is oversubscribed), as previously announced on February 15, 2018.
Computer Task Group, Incorporated shareholders may tender all or a portion of their shares (1) at a price specified by the tendering shareholder of not less than $8.05 per share and not more than $9.00 per share or (2) without specifying a purchase price, in which case their shares will be purchased at the purchase price determined in accordance with the tender offer. When the tender offer expires, Computer Task Group, Incorporated will determine the lowest price within the range of prices specified above that allows it to purchase 1,530,990 shares of its common stock.
The company will fund the tender offer with a combination of existing cash resources, borrowings under its credit agreement with KeyBank and loans against its life insurance policies.
Shareholders will receive the purchase price in cash, subject to applicable withholding and without interest. The shareholders’ shares must have been tendered at prices equal to or less than the purchase price determined after the tender offer window closes, subject to conditions of the offer. These conditions include provisions related to proration, “odd lot” priority and conditional tenders in the case that more than 1,530,990 shares are tendered.
About Computer Task Group, Incorporated
CTG provides industry-specific IT services and solutions that address the business needs and challenges of clients in high-growth industries in North America and Western Europe. CTG also provides strategic staffing services for major technology companies and large corporations. Backed by more than 50 years of experience and proprietary methodologies, CTG has a proven track record of reliably delivering high-value, industry-specific staffing services and solutions to its clients. CTG has operations in North America, Western Europe, and India. The Company regularly posts news and other important information online at www.ctg.com.
