SunLink Health Systems, Inc. said its previously announced tender offer to buy back company shares was oversubscribed.
The U.S. healthcare services provider said 3,725,656 of its common shares were properly tendered and not withdrawn out of which it accepted 1,745,751 shares for payment at $1.60 per share.
The total cost of buying the shares, excluding fees and expenses relating to the offer, was about $2.8 million.
While the company initially planned to buy 1,562,500 shares, it bought an additional 183,251 shares under its right to purchase up to an additional 2% of its outstanding common shares.
After the completion of the offer, SunLink Health expects to have about 7,416,814 common shares issued and outstanding, held by about 340 shareholders.
D.F. King & Co. Inc. is the information agent for the offer and American Stock Transfer & Trust Co. LLC is the depositary.