Dover increased its tender offer cap for outstanding notes from $230 million to $300 million and extended the expiration date to November 5, 2026.
The tender offers cover four series of notes: 6.650% Debentures due 2028, 6.600% Notes due 2038, 5.375% Debentures due 2035, and 5.375% Notes due 2041. The company accepts notes in order of acceptance priority level, up to the tender cap.
As of 12:30 p.m. on the announcement date, approximately 28.86% of the 2028 Debentures, 30.59% of the 2038 Notes, 39.78% of the 2035 Debentures, and 30.83% of the 2041 Notes had been validly tendered.
Notes may be withdrawn at any time before 5:00 p.m. New York City time on November 5, 2026. Settlement is expected on November 9, 2026.
The tender offers are conditional on Dover completing a senior unsecured notes offering that generates net proceeds sufficient to repay its €600 million 1.25% notes due 2026 at maturity. That new offering is expected to close on November 2, 2026.
Holders whose notes are accepted will receive total consideration plus accrued and unpaid interest from the last interest payment date through the settlement date, excluding the settlement date itself.
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., and J.P. Morgan Securities LLC serve as dealer managers. D.F. King & Co., Inc. serves as tender and information agent.