News & Events
Document Sciences Corporation Successfully Completes Tender Offer For 6 Million Shares of its Common Stock
3/27/2001, 7:00AM ET
CARLSBAD, CA (March 27, 2001) - Document Sciences Corporation (NASDAQ: DOCX), today announced the preliminary results for its $2.00 per share cash tender offer for 6.0 million shares of its common stock, or approximately 55 % of its outstanding common stock. The offer, which was oversubscribed, expired at 5:00p.m., Pacific Time, on March 23, 2001.
Based on a preliminary count, approximately 8.2 million shares were tendered and not withdrawn, of which approximately 83,000 were tendered pursuant to notices of guaranteed delivery. We will accept properly tendered shares on a pro rata basis, with a proration factor expected to be approximately 72.8%. The determination of the proration factor is subject to shares tendered pursuant to guaranteed delivery procedures. Payment for accepted shares, and return of all other tendered shares will be made next week by the depositary after the proration factor is finalized.
As of March 23, 2001, we had approximately 10.9 million shares of common stock issued and outstanding. As a result of the offer, we expect to have approximately 4.9 million shares of common stock issued and outstanding as of the time immediately following payment for the accepted shares. In addition, we presently anticipate exercising our option to purchase additional shares of our common stock from Xerox at $2.00 per share to reduce its ownership to 19.9% of our outstanding common stock.
For additional information, call MalCon Proxy Advisors, Inc., our information agent for this tender offer, at 1.800.475.9320.
About Document Sciences
Document Sciences Corporation delivers real-time, interactive content processing services that content-driven organizations depend on to realize productivity benefits, cut costs, and increase competitiveness. Approximately 650 customers worldwide use Document Sciences products in insurance, banking and financial services, managed-care, telecommunications, utilities and commercial print service bureaus. Customers include more than 60 Fortune 500 companies. Based in Carlsbad, California, with regional locations across the U.S. and a European subsidiary in Paris, Document Sciences also markets its products in Australia, Canada, New Zealand, Brazil, Mexico and China. For more information about Document Sciences Corporation, visit www.docscience.com.
This press release contains certain forward-looking statements. Words such as "plan," "will," "anticipate," "intend," "increasing," "pursue," "provide," "begin," "should," "would," "focus," "believe," "expect," "continue," and "plan," or the negative thereof or variations thereon and similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on our current plans or assessments that are believed to be reasonable as of the date of this press release. Factors that may cause actual results, goals, targets or objectives to differ materially from those contemplated, projected, forecast, estimated, anticipated, planned or budgeted in such forward-looking statements include, among others, the following possibilities: (i) changes in our stock price; (ii) changes in our operating results; (iii) the market for document automation software; (iv) continued expansion of our professional services; (v) market acceptance of our existing products and introduction of new products and enhancements to existing products; (vi) maintaining our relationships with Xerox; and/or (vii) changes in general economic and business conditions. Actual events or results may differ materially from those discussed, contemplated, forecasted, estimated, anticipated, planned or implied in the forward-looking statements as a result of the various factors described above and those further set forth under the heading "Risk Factors" in our Form 10-K for its fiscal year ended December 31, 2001