Bridgepoint Education Initiates Tender Offer To Buy About $200 Mln Of Stock

(RTTNews) - Bridgepoint Education, Inc. (BPI) Wednesday said that it has commenced a tender offer to purchase up to 10.25 million shares of its common stock at a price of $19.50 per share. The shares proposed to be purchased in the offer represents about 18.8 percent of its total stock of about 54.58 million shares currently outstanding.

The company's last reported trading price of its stock on the New York Stock Exchange on Tuesday was $16.86 per share, which was down $0.01 or 0.06 percent from its previous day's close.

The tender offer will expire on Wednesday, December 11, unless extended by the company.

Barclays Capital Inc. is acting as the dealer manager, MacKenzie Partners Inc. is the information agent and Wells Fargo Shareowner Services is the depositary.