Tontitown-based P.A.M. Transportation continues to move closer toward private ownership as the dry van carrier, already a thinly traded and closely held company, recently completed a $13.8 million tender offer.
The company announced the “Dutch tender” offer earlier this month as it sought to repurchase roughly 7.8% of its outstanding shares with its free cash.
The self tender offer expired Dec. 30 at midnight with 758,864 shares put up for tender at a price of $20.50 per share. The company capped the tender offer at 675,000 shares, which is roughly 88.9% of those submitted ahead of the deadline.
The total amount of shares expected to be purchased in the tender offer includes the company's right to increase the tender offer by up to 2% of its outstanding shares. The final count of shares actually redeemed should be released by Jan. 3, at which time the payment to shareholders will be made.
Shares of P.A.M. Transportation were trading at $20.55 in the open market on Tuesday morning (Dec. 31). The stock price was down 1.49% from the prior-day’s close. Over the past 52 weeks the share price has ranged from $8.85 to $20.99.