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EFI Announces Commencement of Tender Offer to Purchase up to 4,500,000 Shares of Its Common Stock



Published November 20, 2009
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Electronics For Imaging, Inc. (EFI) announced that it has commenced a modified "Dutch Auction" tender offer to purchase up to 4,500,000 shares of its common stock at a price not less than $11.25 per share or more than $12.75 per share. The number of shares proposed to be purchased in the tender offer represents approximately 9 percent of EFI's currently outstanding shares.

The last reported sales price per share of EFI's common stock on the NASDAQ Global Select Market on Nov, 19, 2009 was $11.59 per share.

The tender offer will expire on Dec. 18, 2009 at 12:00 midnight, New York City time, unless extended. Tenders of shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer. The tender offer is subject to a number of terms and conditions described in the Offer to Purchase that will be distributed to stockholders.

All shares that are acquired in the tender offer will be acquired at the same purchase price, including shares that are tendered at a lower price. Stockholders whose shares are purchased in the tender offer will be paid the purchase price in cash, less any applicable withholding taxes and without interest, promptly after the expiration of the tender offer. The tender offer is not contingent on any minimum number of shares being tendered.

Assuming that the maximum 4,500,000 shares are accepted for payment in the tender offer at a purchase price of $12.75 per share and EFI exercises its right to accept for payment, according to the terms and conditions of the tender offer, an additional 2 percent of its outstanding shares (or approximately 993,569 shares), EFI will have purchased approximately $70 million worth of its common stock.


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