Dataproducts Self-Tender Attracts Too Many Shares

Dataproducts Corp. said its self-tender offer of $10 a share for 4 million shares, or 20%, of its stock was oversubscribed.

The Woodland Hills-based maker of computer printers said about 17.8 million shares were tendered to the company. As a result, Dataproducts will buy about 22% of the shares that were tendered by each stockholder.

Dataproducts launched the offer as part of a major restructuring that included the sale of its headquarters property. The $40 million in net proceeds from that sale are being used to pay for the self-tender offer. After the stock is purchased, Dataproducts will have 15.8 million total common shares outstanding.

Despite the buyback, Dataproducts’ remaining stock fell sharply Monday. The stock closed at $4.875, down $1, in American Stock Exchange composite trading.