Sonic Corp. (Nasdaq: SONC – News), the nation’s largest chain of drive-in restaurants, today announced the preliminary results of its modified “Dutch Auction” tender offer, which expired at 12:00 midnight, Eastern Time on October 6, 2006.

In accordance with the terms and conditions of the tender offer, Sonic expects to accept for purchase approximately 15,952,000 shares of its common stock (including 4,771,000 shares tendered through notice of guaranteed delivery) at a purchase price of $23.00 per share, for a total cost of $366.9 million. Based on a preliminary count by UMB Bank N.A., the depositary for the tender offer, approximately 15,952,000 shares of common stock were properly tendered and not withdrawn at prices at or below the purchase price. Because the number of shares of common stock tendered at or below the purchase price was less than the number of shares that Sonic offered to purchase, proration will not be necessary.

The number of shares Sonic expects to purchase in the tender offer represents approximately 19% of Sonic’s currently outstanding common stock.

Posted: 10|9|06 at 1:51 pm. Filed under: Auction News.