Sonic Corp. Sweetens Tender Offer Terms
Monday, September 25th 2006, 8:47 am
By: News On 6
OKLAHOMA CITY (AP) _ Fast food chain Sonic Corp. said Monday it has increased the purchase price of its ``Dutch Auction'' tender offer, announced in August, but has reduced the number of shares it is willing to buy.
Sonic said it would buy up to 24.3 million shares at a price between $19.50 to $23 apiece. It previously offered to buy up to 25.4 million shares at $19.50 to $22 per share.
The maximum total purchase price remains unchanged at $560 million.
Sonic also extended the tender offer period to Oct. 6 from Sept. 22.