NightHawk Radiology Holdings, Inc. Announces Dutch Tender Offer for Its Co...( COEUR D'ALENE Idaho May 14 /- Nig...),Health

COEUR D'ALENE, Idaho, May 14 /PRNewswire-FirstCall/ -- NightHawk Radiology Holdings, Inc. (Nasdaq: NHWK), the leading provider of radiology solutions to radiology groups and hospitals throughout the United States, today announced that it has commenced its previously announced modified Dutch auction tender offer to purchase up to $50 million of its common stock, at a price range of $7.45 to $8.05 per share. The number of shares proposed to be purchased in the tender offer represents approximately 20.2% of NightHawk's outstanding shares as of May 1, 2008.

The tender offer will expire at 5:00 p.m. Eastern Time on Friday, June 13, 2008, unless extended by NightHawk. Tenders of NightHawk's common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer.

The modified Dutch auction will allow stockholders to indicate how many shares and at which price within NightHawk's specified range they wish to tender. Based on the number of shares tendered and the price specified by the tendering stockholders, NightHawk will determine the lowest price per share within the range that will enable it to purchase up to 6,211,180 shares, or such lesser number of shares as are properly tendered. All shares accepted in the tender offer will be purchased at the same price per share even if the stockholder tendered at a lower price. If the price per share determined in the tender is less than $8.05, NightHawk expects to purchase additional shares such that a total of $50 million is used to purchase NightHawk's shares. If stockholders tender more than $50 million worth of shares at or below the determined purchase price per share, NightHawk will purchase $50 million of sh
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