Halliburton Commencing $3.3 Bln. Modified "Dutch Auction" Tender Offer

(RTTNews) - Energy services company Halliburton Co. (HAL) said Thursday it is commencing a modified "Dutch auction" tender offer to repurchase its common shares for an aggregate purchase price of up to $3.3 billion.

Pursuant to the tender offer, company stockholders may tender all or a portion of their shares (1) at a price specified by the tendering stockholder of not less than $42.50 and not more than $48.50 per share or (2) without specifying a purchase price, in which case their shares will be purchased at the price determined in accordance with the tender offer.

When the tender offer expires, Halliburton will determine the lowest price within the range of prices specified above (the "purchase price") enabling Halliburton to purchase up to $3.3 billion in the aggregate of its common stock.

The tender offer will not be conditioned upon any minimum number of shares being tendered; however, the tender offer will be subject to a number of other terms and conditions.

The tender offer will expire on August 22, unless extended or terminated by Halliburton.