The Progressive Corporation (NYSE:PGR) today announced the preliminary results of its modified "Dutch auction" tender offer to purchase up to 17.1 million of its Common Shares, $1.00 par value. The tender offer expired at 12:00 midnight, New York City time, on Friday, October 15, 2004.
A preliminary count by the depositary for the tender offer indicates that approximately 16.9 million Common Shares were properly tendered at prices at or below $88 per share and not withdrawn, including approximately 6.7 million shares tendered pursuant to notices of guaranteed delivery. Because shareholders tendered less than 17.1 million Common Shares, the Company anticipates that the tendered shares will not be subject to proration. As a result, the Company expects to purchase approximately 16.9 million Common Shares at a purchase price of $88 per share. These figures are based on preliminary results and are subject to verification and proper delivery of shares tendered pursuant to notices of guaranteed delivery.
The final number of Common Shares accepted for purchase will be determined and announced promptly after the final results of the tender offer are available, which the Company expects to be completed within 5 business days. The Company will then promptly commence payment for the Common Shares accepted for purchase, and all other tendered shares (if any) will be returned to the tendering shareholders.
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