GPX Announces Offer to Purchase a Portion of its Shares
COLUMBIA, Md., Sept. 2, 2014 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation ("GP Strategies" or "the Company") GPX, +8.49% announced today that it is commencing a modified "Dutch auction" tender offer to repurchase up to $80 million of its common stock at a price within the range of $26.00 to $29.00 per share. The tender offer begins today, September 2, 2014, and will expire at the end of the day, 12:00 midnight, New York City time, on Monday, September 29, 2014, unless extended or withdrawn by the Company. At the maximum price of $29.00 per share, GP Strategies would repurchase a maximum of 2,758,621 shares, or approximately 14.4% of its common shares outstanding as of August 29, 2014. At the minimum price of $26.00 per share, GP Strategies would repurchase a maximum of 3,076,923 shares, or approximately 16.1% of its common shares outstanding as of August 29, 2014.