GREENSBORO, N.C. — Unifi Inc. is planning a tender offer for between 4 million and 6 million shares of its common stock, representing 6.2 percent to 9.3 percent of its outstanding shares.
Under the terms of the offer, the company will invite shareholders to tender their shares at prices within a range of $28 to $31 a share. The offer will use the Dutch auction method, which sets the price at the lowest level and the range under which the company can buy the number of shares sought.
The offer is conditioned on a minimum of 4 million shares being tendered. If the offer is oversubscribed, shares will be purchased first from shareholders owning fewer than 100 shares and tendering all of their shares. Other shares will be purchased on a pro rata basis.
The Unifi tender offer will expire Dec. 13, unless extended.