Enfield solar parts manufacturer STR Holdings has raised the minimum purchase price in its special $30 million Dutch auction to buyback shareholders’ stock.
The minimum price STR will accept in the tender purchase is $1.35, up from the $1 it previously offered.
The buyback is being run as a modified Dutch auction. Under this method, anyone interested in selling their STR stock submits a tender offer listing how many shares they want to sell and at what price. At the end of the tender period, Feb. 28, STR will round up all the tender offers and buy as many shares at the lowest possible price until it reaches $30 million.
Among those saying they will be offering their stock in the auction are Dennis Jilot, the company’s chairman, and two board members, Andrew M. Leitch and Dominick J. Schiano.
