National Home Centers Offer Ends

Dwain A. Newman and The Newman Family LLC announced on Dec. 27 that their offer to purchase all of the outstanding shares of common stock of National Home Centers Inc. not already owned by Dwain Newman expired at 4:00 p.m. on Dec. 26, according to a press release from the company. Dwain Newman is CEO of Springdale-based National.

According to UMB Bank, the depositary for the tender offer, 2,673,686 shares of National’s common stock had been validly tendered and accepted for payment (including 43,262 shares of common stock subject to guarantees of delivery). Together with the shares held by Dwain Newman, this represents about 99.97 percent of the company’s outstanding shares of common stock About 2,301 shares remain outstanding. The Newman Family LLC intends to make prompt payment for the shares of common stock validly tendered and accepted for payment pursuant to the tender offer.

As stated in the offer to purchase, Dwain Newman intends to merge National with and into a separate corporation formed solely for that purpose. He can do the merger without a vote of or any action by any other stockholder of National, according to the press release. Upon the closing of the merger, stockholders who did not tender their shares in the offer, other than those who properly assert dissenters’ rights under Arkansas law, will receive merger consideration of $1.40 per share in cash, without interest.