Seneca Foods Announces Final Results of Modified Dutch Auction Tender Offer
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) completed its modified Dutch auction tender offer, which ended on March 9, 2021.
Sentiment and the balance of points
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Rhea-AI Summary
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) completed its modified Dutch auction tender offer, which ended on March 9, 2021. The company accepted 531 shares of Class A common stock at $46.00 each, totaling $24,426 in purchases. This undersubscribed tender offer underscores management's belief that their shares are undervalued, as stated by CEO Paul Palmby. With all properly tendered shares accepted and no proration, the company will utilize available cash for payment. Seneca is a leading provider of packaged fruits and vegetables, sourcing from over 1,600 farms across the U.S.
Positive
- Completion of a modified Dutch auction tender offer, enhancing shareholder value.
- Acceptance of all properly tendered shares with no proration, indicating strong shareholder confidence.
Negative
- The tender offer was undersubscribed, suggesting potential concerns about share valuation.
Details
News Market Reaction – SENEA
The recorded move for SENEA in the trading session of this news was -2.30%.
Data tracked by StockTitan Argus. Session date unavailable.
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MARION, N.Y., March 10, 2021 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) (“Seneca” or the “Company”), one of North America's leading providers of packaged fruits and vegetables with facilities located throughout the United States, today announced the final results of its modified Dutch auction tender offer, which expired at 6:00 p.m., New York City time, on Tuesday, March 9, 2021.
Based on the final count by Computershare Trust Company, the depositary for the tender offer (the “Depositary”), Seneca has accepted for purchase 531 shares of its Class A common stock, par value
“We believe our shares are undervalued, and we saw a tender offer as an opportunity to enhance value for our shareholders based upon the then current share price of our common stock,” said Seneca Chief Executive Officer Paul Palmby. “We believe the undersubscribed tender offer is clear evidence that shareholders share our view.”
BofA Securities, Inc. acted as Dealer Manager for the tender offer, Georgeson LLC acted as Information Agent for the tender offer and Computershare Trust Company acted as the Depositary for the tender offer. All inquiries about the tender offer should be directed to the Dealer Manager or the Information Agent toll free at (888) 803-9655 or (866) 628-6079, respectively.
About Seneca Foods Corporation
Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.
Contact:
Timothy J. Benjamin, Chief Financial Officer
315-926-8100
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