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March 28, 2012
MIAMI, FL - March 28, 2012 - The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic advisory and operations improvement consulting firm, today announced the final results of its modified "Dutch auction" tender offer (the "Offer") to purchase up to $55 million in value of its common stock, par value $0.001 per share ("Common Stock"), which expired at 5:00 p.m., New York City time, on Wednesday, March 21, 2012.
Hackett has accepted for purchase 11,000,000 shares of its Common Stock at a purchase price of $5.00 per share, for an aggregate cost of approximately $55 million, excluding fees and expenses relating to the Offer. The 11,000,000 shares accepted for purchase in the Offer represent 26.63 percent of Hackett's currently issued and outstanding shares of Common Stock.
Based on the final count by Computershare Trust Company, N.A., the depositary for the Offer, a total of 11,578,173 shares of Hackett's Common Stock were tendered properly and not withdrawn properly at or below the final purchase price of $5.00 per share.
Due to the oversubscription of the Offer, the depositary has informed Hackett that stockholders who tendered properly and did not withdraw properly shares of Common Stock in the Offer at or below $5.00 per share will have approximately 95.01 percent of their tendered shares purchased by Hackett.
The depositary will promptly issue payment for the shares accepted for purchase in accordance with the terms and conditions of the Offer. Shares tendered and not accepted for purchase will be returned promptly to stockholders by the depositary.
As a result of the settlement of the Offer, Hackett has approximately 30,310,635 million shares outstanding.
Stockholders who have questions may call BofA Merrill Lynch, the dealer-manager for the Offer, at (888) 803-9655, or Georgeson Inc., the information agent for the Offer, at (877) 278-9672 (toll free).
This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of Hackett's Common Stock.
The Hackett Group (NASDAQ: HCKT) is an intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices implementation firm to global companies, offering digital transformation and enterprise application approaches including a robotic process automation and cloud computing. Services include business transformation, enterprise performance management, working capital management and global business services. The Hackett Group also provides dedicated expertise in business strategy, operations, finance, human capital management, strategic sourcing, procurement and information technology, including its award-winning Oracle EPM and SAP practices.
The Hackett Group has completed more than 13,000 benchmarking studies with major corporations and government agencies, including 93% of the Dow Jones Industrials, 87% of the Fortune 100, 87% of the DAX 30 and 58% of the FTSE 100. These studies drive its Best Practice Intelligence Center™ which includes the firm's benchmarking metrics, best practices repository and best practice configuration guides and process flows, which enable The Hackett Group's clients and partners to achieve world-class performance.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause The Hackett Group's actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Factors that impact such forward-looking statements include, among others, the ability of our products, services, or practices mentioned in this release to deliver the desired effect, our ability to effectively integrate acquisitions into our operations, our ability to retain existing business, our ability to attract additional business, our ability to effectively market and sell our product offerings and other services, the timing of projects and the potential for contract cancellations by our customers, changes in expectations regarding the information technology industry, our ability to attract and retain skilled employees, possible changes in collections of accounts receivable, risks of competition, price and margin trends, foreign currency fluctuations, changes in general economic conditions and interest rates as well as other risks detailed in our Company's Annual Report on Form 10-K for the most recent fiscal year filed with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.