Thousand Trails Buys Back Some Stock
Membership-based campground owner/operator Thousand Trails Inc. announced it will buy the 1.14 million shares of its own stock that were offered as part of a tender offer.
According to the tender offer announced on April 24, Thousand Trails, an American Stock Exchange-listed company, offered to pay $8.14 for each of up to 1.5 million of its shares.
Thousand Trails shareholders had until 5 p.m. Eastern Time Thursday (May 30) to decide whether to tender their shares and the owners of 1.14 million shares decided to do so.
The stockholders who tendered will get their $8.14 a share in cash next week, according to Thousand Trails.
Thousand Trails stock traded for between $8 and $8.40 a share in late April and its stock closed at $10.20 on Thursday.
As a result of the tender offer, Thousand Trails now has 6.92 million shares outstanding, down from 8.06 million.
Thousand Trails has 116,000 members at 59 membership-based camping preserves in 17 states and British Columbia, Canada, and it also provides a reciprocal use program for members of about 300 recreational facilities. It also manages 241 public campgrounds for the U.S. Forest Service and other entities.