Jacada to buy up to 4 million shares in Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., Aug. 14 - Jacada Ltd. said it will begin a modified Dutch auction tender offer for up to 4 million of its ordinary shares at a share price of $3.50 to $4.00.

The company will determine the lowest per-share price within the range that will enable it to buy 4 million shares or less, based on the number of shares tendered and the prices specified by the tendering shareholders.

Jacada's offer ends at the close of business of Sept. 15, unless extended, a company news release stated.

The previously announced $10 million share repurchase program will be suspended in accordance with Securities and Exchange Commission regulations, Jacada noted.

Jacada officers and directors do not plan to tender any of their shares in the tender offer.

"We believe this represents an excellent use of our significant cash reserves and is consistent with our goal to maximize long-term shareholder value," chief executive officer Paul O'Callaghan said in the release.

"Clearly we are confident in the future of Jacada, and we believe this investment will only make the company stronger moving forward," O'Callaghan added.

MacKenzie Partners, Inc. is the information agent for the offer (800 322-2885).

Jacada and its subsidiaries develop and support desktop and process solutions that automate customer service processes worldwide. The company is based in Herzliya, Israel.

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