Motorola Solutions Begins Dutch Auction Tender Offer To Buy Back $2bln Of Shares

(RTTNews) - Motorola Solutions (MSI) announced that it has commenced a modified "Dutch Auction" tender offer to repurchase shares of its common stock for an aggregate purchase price of up to $2 billion.

Motorola Solutions stockholders may tender all or a portion of their shares (1) at a price specified by the tendering stockholder of not less than $61.00 per share and not more than $66.50 per share or (2) without specifying a purchase price, in which case their shares will be purchased at the purchase price determined in accordance with the tender offer.

When the tender offer expires, Motorola Solutions will determine the lowest price within the range of prices specified above that allows it to purchase up to an aggregate of $2 billion of its common stock.

The company will fund the tender offer with a combination of existing cash on the company's balance sheet and proceeds from the previously announced $1 billion strategic investment from Silver Lake.

The tender offer and withdrawal rights will expire at midnight, at the end of the day on September 3, 2015, unless extended or terminated by Motorola Solutions.