USD 1.5 BN DEAL - The company announced today that it plans to launch a "modified Dutch auction" tender offer to purchase up to $1.5 billion of its common stock

"Modified Dutch Auction" Tender Offer

 

Under the new share repurchase program, the company announced today that it plans to launch a "modified Dutch auction" tender offer to purchase up to $1.5 billion of its common stock, at a price per share

of not less than $32.25 and not greater than $37.00. The tender offer will be contingent upon, among other customary items, the successful closing of a new Committed Line of Credit, as described below, and satisfaction of other customary conditions. Additional details

regarding the pricing and other terms will be provided upon formal commencement of the tender offer.

 

"The planned tender offer announced today demonstrates our confidence

in the future of our business and our long-standing commitment to

create shareholder value," said Cobb.

 

As of Aug. 31, 2015, H&R Block had approximately 276.4 million shares outstanding. The company intends to use a combination of available

cash, borrowings and incremental debt to fund the tender offer and related expenses.