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COPYRIGHT 2002 PR Newswire Association LLC
California Independent Bancorp , updates certain information regarding its modified Dutch Auction tender offer. As previously announced on November 27, 2002, the Company commenced a "Dutch Auction" tender offer to purchase up to 200,000 shares of its outstanding common stock. Under the tender offer, CIBN shareholders will have the opportunity to tender some or all of their shares at a price not less than $22.00 or more than $25.00 per share. Tendering shareholders whose shares are purchased in the tender offer will be paid the determined purchase price per share net in cash, without interest, after the expiration of the offer period.
The tender offer price range of not less than $22.00 nor more than $25.00 per share represents approximately a 9.6% to 24.6% premium over the $20.07 per share which was the closing price for a share of common stock as of November 19, 2002, the last trading day prior to our announcement of the tender offer.
From time to time, we have received from third parties indications of interest in acquiring us, some involving prices in...
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