Restaurant chain operator Nathan's Famous Inc said it will purchase back about 10 percent of its outstanding stock for a maximum price of $11 million.Nathan's shareholders can tender their shares at a price range of $20-$22 per share under the Dutch action. The company's stock closed at $19.08 on Monday on Nasdaq.Nathan's Famous, known for its beef frankfurters, said the offer will start on Dec. 8.The offer is expected to expire at midnight on Jan. 12 and the company can buy up to an additional 2 percent shares under the offer. It has 4.95 million shares outstanding.
Nathan?s Famous, Inc. (Nathan?s) is engaged in the marketing of the Nathan?s Famous brand and the sale of products bearing the Nathan?s Famous trademarks through several different channels of distribution. Shares of NATH fell by 0.1% or $-0.0199/share to $19.08. In the past year, the shares have traded as low as $15.75 and as high as $19.50. On average, 5022 shares of NATH exchange hands on a given day and today's volume is recorded at 1873.
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