Press Release Archive
Premiere Global Services Announces $150 Million Self-Tender Offer
Company to Repurchase up to 17% of Outstanding Common Stock
Apr 19, 2007
ATLANTA, GA, April 19, 2007 - Premiere Global Services, Inc.(NYSE: PGI), a global provider of on-demand communication technologies-based business process improvement solutions, today announced that it will commence a $150 million self-tender offer by April 25, 2007 to acquire up to 11,857,707 shares of common stock, representing approximately 17% of the Company’s currently outstanding common stock, at a purchase price of $12.65 per share in cash. The offer price represents a premium of approximately 10% above the average closing stock price over the last ten trading days.
The Company’s Board of Directors, with the assistance of independent financial advisors, reviewed its strategic plan, its projected uses of cash flows for, among other things, capital expenditures, acquisitions, debt repayment and share repurchases, and a variety of alternatives for using the Company’s available financial resources. Following this comprehensive review, the Board determined that the tender offer is a prudent use of capital that delivers immediate value to its shareholders and enables the Company to continue to support growth of its business and the execution of its strategic plan.
The Company plans to fund the tender offer through borrowings under its existing credit facility, which has been amended to accommodate the tender offer. The Company currently projects the tender offer will be accretive to its diluted earnings per share. Premiere Global’s Board of Directors and executive officers have agreed not to participate in the tender offer.
The dealer managers for the tender offer will be Banc of America Securities LLC and Wachovia Capital Markets, LLC. The Information Agent for the tender offer will be Innisfree M&A Incorporated. The depositary for the tender offer will be American Stock Transfer & Trust Company.
Shareholders with questions, or who would like to receive additional copies of the tender offer documents when they are available, may call the Information Agent at (888) 750-5834. Banks and brokers may call collect at (212) 750-5833.
None of Premiere Global’s management, its Board of Directors, the dealer managers, the information agent or the depositary is making any recommendation to shareholders as to whether to tender or refrain from tendering their shares in the tender offer. Shareholders must decide for themselves how many shares to tender, if any. Shareholders should consult with their tax and financial advisors before making this decision.
About Premiere Global Services, Inc.
Premiere Global Services, Inc., formerly Ptek Holdings, Inc., is a leading global provider of innovative business communications and data services. Customers use our ASP platform to conduct traditional and VoIP-based collaboration sessions and to process and deliver large quantities of individualized, business critical information. Premiere Global offers outsourced document delivery, data capture, alerts/notifications and campaign management solutions that automate customers' business processes and improve efficiency levels enterprise-wide. We also offer a full suite of conferencing solutions, including automated, operator-assisted and Web collaboration services that enable customers to communicate real-time via our advanced, open standards global conferencing platform.
Premiere Global serves more than 46,000 corporate accounts in nearly every business sector, throughout 18 countries worldwide. Our corporate headquarters is located at 3399 Peachtree Road NE, Suite 700, Atlanta, GA 30326. Additional information can be found at www.pgi.com.
Forward-looking and cautionary statements
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Premiere Global Services' forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological change; the development of alternatives to our services; market acceptance of our new services and enhancements; integration of acquired companies; service interruptions; increased financial leverage; our dependence on our subsidiaries for cash flow; continued weakness in our legacy broadcast fax business; foreign currency exchange rates; possible adverse results of pending or future litigation or infringement claims; federal or state legislative or regulatory changes; general domestic and international economic, business or political conditions; and other factors described from time to time in our press releases, reports and other filings with the SEC, including but not limited the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2005 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2006 and September 30, 2006. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.