DexYP, a leading small business software provider, announced today the results of its tender offer, which previously expired at 10:00 a.m. Eastern Time on April 23, 2019 (the Expiration Date).
DexYP raised new credit facilities in late 2018, and early 2019, the funds from which could be used for a variety of uses, including to launch a tender offer. On March 25, 2019 DexYP launched a tender offer to purchase up to 42,650,000 shares of common stock of DexYP (Shares) and up to 2,780,000 in vested and unexercised options to purchase Shares (Options) at $10.15 per Share and/or Option for an aggregate purchase price of $461,114,500.
Following the Expiration Date, DexYP has reviewed the results of the tender offer, which was oversubscribed. Accordingly, DexYP has decided, pursuant to the terms of the tender offer, to exercise its right to accept for repurchase additional Share and Options up to 2% of the outstanding shares of Common Stock on a fully diluted basis, in each case on a pro rata basis. In total DexYP, accepted for repurchase (i) 43,114,970 Shares for up to $437,616,946 in aggregate value and (ii) 4,186,891 Options for up to $42,496,944 in aggregate value, for an aggregate value for both Shares and Options of up to $480,113,890, which repurchase shall be subject to adjustment to avoid the purchase of fractional Shares and/or Options (and shall be undertaken on a pro rata basis). The tender offer was oversubscribed and the Shares and Options were accepted, pursuant to the terms of the tender offer (a) subject to proration and (b) increased to reflect the Companys decision to exercise its right pursuant to the terms of the tender offer to accept for repurchase additional Shares and Options up to 2% of the outstanding shares of Common Stock on a fully diluted basis, in each case on a pro rata basis.
The continued support we see from the financial community is appreciated, said Joe Walsh, CEO of DexYP. The successful transaction significantly reduces our share count and positions our business to continue to create value through deleveraging and strengthening our core digital and SaaS product offerings.
Payment for the properly tendered Shares and Options that were accepted for purchase is expected to commence in the first week of May. Following the transaction, the amount of DexYP common stock outstanding is anticipated to be reduced from 103,196,920 shares to 60,081,950, subject to adjustment to avoid the purchase of fractional Shares and/or Options.
DexYP builds and owns Thryv, the simple, easy-to-use software that helps small business owners with the daily demands of running a business; and allows them to take control and be more successful. Thryv provides modernized business functions allowing them to manage their time, communicate with clients, and get paid. These include building a digital customer list, communicating with customers via email and text, updating business listings across the internet, accepting appointments, sending notifications and reminders, managing ratings and reviews, generating estimates and invoices, processing payments, and issuing invoices and coupons.
DexYP delivers business services to more than 400,000 small businesses across America that enable them to compete and win in todays economy.
DexYP also provides consumer services through our market-leading search, display and social productsand connects local businesses to the over 25 million monthly visitors of DexKnows.com, Superpages.com and yellowpages.com search portals; and local print directories The Real Yellow Pages. For more information about the company, visit dexyp.com.