WEST CHESTER, Pa.–QVC Network Inc. said 12 of its 14 warrantholders have accepted its offer to exchange QVC warrants into the company’s common shares.

QVC said the acceptances extinguish warrants that would have been exercisable for 7,061,000 shares. It said 2,419,000 shares still are covered by warrants.

As reported, the company said warrants tendered will be exchanged for common shares equal in value to the difference between the warrant exercise price and a conversion price of $ 37.75 a share, resulting in 4,368,000 QVC common shares being issued.

The company said warrantholders may elect to carry out the exchanges either by receiving shares with an aggregate value equal to the difference between the conversion price and the exercise price or as an exercise of the warrants for cash or previously issued shares and a repurchase of shares using the total cash proceeds. In either case, the number of shares issued to a warrantholder accepting the offer will be the same.

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