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Stock Market & Financial Investment News

News Breaks
January 21, 2011
08:55 EDTTIERTier Technologies announces preliminary results of tender offer
Based on the preliminary count by the depositary for the Offer, a total of approximately 1,908,000 shares were validly tendered at a purchase price of $6.10 per share or less, or at the purchase price determined by Tier in accordance with the Offer, including approximately 89,500 shares that were tendered through notice of guaranteed delivery. Assuming that all guaranteed delivery shares are ultimately delivered, Tier expects to purchase a pro-rated amount of 85.9% of shares from each tendering stockholder, but all shares purchased in the Offer will be purchased at the same price. As such, Tier expects to accept for payment an aggregate of approximately 1,639,000 shares of its common stock at a purchase price of $6.10 per share, for a total cost of approximately $10 million, excluding fees and expenses related to the Offer.
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