Trading of TIER REIT’s shares of common stock began on 22nd July under the ticker symbol "TIER."
In connection with the listing of its shares of common stock, members of TIER REIT’s management team rang The NYSE Opening Bell at 9:30 a.m. that morning to celebrate the first day of trading in TIER REIT’s shares of common stock on the NYSE.
In conjunction with the listing on the NYSE, TIER REIT has also commenced a modified “Dutch Auction” tender offer to purchase up to $50 million of its shares of common stock. In accordance with, and subject to, the terms of the tender offer, TIER REIT will select the lowest price, not greater than $21.00 nor less than $19.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest, that will enable TIER REIT to purchase the maximum number of shares of common stock having an aggregate purchase price not exceeding $50 million (or such lesser number if less than $50 million of shares of common stock are tendered after giving effect to the any shares of common stock withdrawn). TIER REIT expects to fund the tender offer with available cash and/or borrowings available under its
existing credit facility.
The tender offer will expire at 11:59 p.m. EDT on August 19, 2015, unless the tender offer is extended or withdrawn. Stockholders may tender all or a portion of their shares of common stock (and may choose not to tender any of their shares of common stock) by following the procedures, including choosing the price or prices at which they wish to tender their shares of common stock, described in the Offer to Purchase, Letter of Transmittal, and other documents related to the tender offer.
Scott Fordham, Chief Executive Officer and President of TIER REIT, made it clear that the new offering of stock for sale was to part of the firm’s growth strategy.
‘This is a major milestone for our company. We would like to thank the many team members and stockholders that have supported us in reaching this goal. As a publicly listed company, we are better positioned to execute on our growth strategy, and we look forward to utilizing this platform to deliver greater total return potential to our stockholders.’