© Reuters.
NEW YORK – Cannae Holdings, Inc. (NYSE: NYSE:), an organization that acquires and manages working firms, introduced the launch of a young supply to buy as much as $200 million of its widespread inventory. The supply, initiated by a modified Dutch public sale, invitations shareholders to tender their shares at a worth starting from $20.75 to $23.75 per share in money, much less any relevant withholding taxes and with out curiosity.
The tender supply is a part of Cannae’s technique to reinforce shareholder worth and deal with the low cost at which its shares commerce in comparison with internet asset worth. It additionally serves as a mechanism to speed up the corporate’s approved share repurchase program. The supply shouldn’t be conditional upon financing or a minimal variety of shares being tendered however is topic to sure phrases and circumstances detailed within the supply supplies.
Shareholders have till the expiration date of April 1, 2024, to tender their shares, with the choice to withdraw them at any time earlier than the deadline. The ultimate buy worth would be the lowest worth per share inside the vary that enables Cannae to purchase shares totaling as much as the $200 million restrict. If the tendered shares exceed this quantity, Cannae might select to extend the variety of shares it accepts by as much as 2% of its excellent widespread inventory with out extending the supply interval.
The corporate has expressed appreciation for shareholder enter on the significance of share buybacks and believes the tender supply is aligned with its long-term aim of driving shareholder worth. The supply can also be seen as offering shareholders with the chance to doubtlessly notice a return on their funding.
The tender supply supplies, consisting of the Supply to Buy and the accompanying Letter of Transmittal, each dated March 1, 2024, will probably be mailed to document holders and made accessible to brokers, sellers, industrial banks, belief firms, and different nominee shareholders for distribution to helpful house owners of the securities.
J.P. Morgan Securities LLC is appearing because the vendor supervisor for the supply, whereas D.F. King & Co., Inc. is the data agent. For extra data, shareholders can contact J.P. Morgan Securities LLC or D.F. King & Co., Inc.
This tender supply announcement relies on a press launch assertion and doesn’t represent a suggestion or solicitation to buy securities. The entire phrases of the supply are set forth within the supply supplies that holders ought to learn rigorously earlier than making any choice.
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