WORLD – Publisher and trade show organiser Global Sources, which produces resources to assist businesses to trade in China, has commenced a US$49.9m share buyback tender.
Earlier this month, the company announced plans to purchase up to 6,666,666 of its outstanding common shares - about 22.05 per cent – at US$7.50 per share.
The company, founded more than 40 years ago, listed on the NASDAQ in 2000.
A Global Sources spokeswoman told EW: “The Board, after carefully considering all of the options to return capital to the shareholders, believes a tender offer is the most efficient way to achieve such return of capital.
“This tender offer reflects our continue commitment to enhancing shareholder value and enables all shareholders to participate equally in a return of investment.”
The spokeswoman could not comment on the company’s expansion plans for the next 12 months.
The tender is expected to expire at midnight on 27 July 2015.
Global Sources produces English- and Chinese-language media and trade shows to assist businesses selling to, and within, Greater China.
The company has a majority stake (60.1%) in technology publisher and event organiser eMedia Asia Limited, a joint venture with UBM’s EETimes Group (39.9%).
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