Quilmes Industrial (Quinsa), S.A. today announced the preliminary results of its modified "Dutch Auction" offer to repurchase up to 8.4m of its Class B shares (including Class B shares held as American Depositary Shares (ADS)). The offer expired at 10 AM, New York City time yesterday (16 September).

Based on a preliminary count, 14,930,553 Class B shares (including 14,573,352 Class B shares held as ADSs) were properly tendered at or below US$9.50 per share (or US$19 per ADS) and were not withdrawn.

109,300 of the Class B shares tendered as ADSs were tendered through notices of guaranteed delivery.

Quinsa has decided to exercise its right to purchase an additional 2% of its outstanding Class B shares without extending the offer. Accordingly, Quinsa preliminarily expects to purchase 9,584,689 Class B shares (including those held as ADSs) at a purchase price of US$9.50 per share (or US$19 per ADS). Based on the preliminary count, the preliminary proration factor for the tender offer is approximately 64.195%.

Payment for the Class B shares and ADSs accepted for purchase, and return of all other Class B shares and ADSs tendered, will occur promptly after completion of the final purchase price and proration computations, the company said.

Quinsa is both a brewer and a bottler and franchise holder for PepsiCo in South America.