Halliburton Reports Preliminary Results Of Modified Dutch Auction Tender Offer

(RTTNews) - Energy services company Halliburton Co. (HAL) announced the preliminary results of its modified Dutch auction tender offer, which expired on Thursday.

Based on the preliminary count by Computershare, the depositary for the tender offer, a total of about 100.2 million shares of Halliburton's common stock were validly tendered and not validly withdrawn at or below the purchase price of $48.50 per share, including approximately 28.9 million shares that were tendered through notice of guaranteed delivery.

As per the terms and conditions of the tender offer and based on the preliminary count by the depositary, Halliburton expects to acquire approximately 68.0 million shares of its common stock at a price of $48.50 per share, for an aggregate cost of approximately $3.3 billion, excluding fees and expenses relating to the tender offer.

As such, Halliburton has been informed by the depositary that the preliminary proration factor for the tender offer is approximately 67.9%. The shares expected to be acquired represent approximately 7.4% of the total number of shares of Halliburton common stock issued and outstanding as of August 20, 2013.

Halliburton said it may purchase additional shares of its common stock in the future in the open market subject to market conditions. The company may also purchase shares of its common stock in private transactions, tender offers, or otherwise. Under applicable securities laws, however, Halliburton may not purchase any such shares of its common stock until after September 6, 2013.

In Late July, Halliburton said that it commenced a modified "Dutch auction" tender offer to repurchase its common shares for an aggregate purchase price of up to $3.3 billion. As per the tender offer, company stockholders might 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 would be purchased at the price determined in accordance with the tender offer.