Rockford Corporation (PINKSHEETS: ROFO) today announced the preliminary results of its modified "Dutch Auction" tender offer which expired at 12:00 a.m. New York City time on January 6, 2012.
Based on the preliminary analysis by the depositary, an aggregate of approximately 362,000 shares were properly tendered and not withdrawn, including approximately 599 shares that were tendered through notice of guaranteed delivery, at prices at or below $3.25. Accordingly, pursuant to the terms of the Offer to Purchase, Rockford expects to accept for payment up to an aggregate of approximately 362,000 shares of its common stock at a purchase price of $3.25 per share.
The number of shares to be purchased in the tender offer and the price per share are preliminary. The determination of the final number of shares to be purchased is subject to confirmation by the depositary of the proper delivery of the shares properly tendered and not withdrawn. The actual number and percentage of outstanding shares properly tendered and not withdrawn will be announced promptly following the completion of the confirmation process. Payment for the shares accepted for purchase will be made in cash, without interest, promptly thereafter. Rockford intends to fund the payment for shares from available cash.
The tender offer was made pursuant to an Offer to Purchase and Letter of Transmittal, each dated December 5, 2011. The Information Agent was Georgeson Inc. All questions regarding the tender offer may be directed to Georgeson Inc. by telephone at (800) 903-28976 (toll-free) or in writing to Georgeson Inc., 199 Water Street, 26th Floor, New York, NY 10038-3560.
About Rockford Corporation
Setting the standard for excellence in the mobile audio industry, Rockford Corporation markets and distributes high-performance audio systems for the mobile audio aftermarket and OEM market. Headquartered in Tempe, Arizona, Rockford Corporation distributes its products under the brands: Rockford Fosgate®, Rockford Acoustic Design®, Lightning Audio®, Brax™, Helix™ and Renegade®. For more information, please visit: www.rockfordfosgate.com, www.rockfordacousticdesign.com, www.lightningaudio.com, www.braxhifi.com, www.helixhifi.com and www.renegadecaraudio.com.
Executive Contact:
Richard Vasek
Chief Financial Officer
Rockford Corporation
(480) 517-3169
