The tender offer is set to expire Feb. 22 unless extended.
The company expects to use borrowings under its existing loan credit facility with Fleet National Bank to buy the shares.
There are about 5.8 million shares of common stock outstanding, of which about 69% are now owned by David H. Rotter, the president of the company, and Bernard J. Rotter, chairman of the board, vice president and treasurer of the company. All of the Rotter family members say they will not tender their shares in the offer.
Once the tender is completed, the company plans to de-list the stock from the American Stock Exchange.
On Jan. 18, the last trading day before the tender offer was announced, the company's stock closed at $7.75 per share.
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