KCG Announces Final Results Of Its “Modified Dutch Auction” Tender Offer
KCG repurchases 23.6 million shares of Class A Common Stock at $14.00 per share
KCG Holdings, Inc. (NYSE: KCG) today announced the final results of its “modified Dutch auction” tender offer, which expired on June 2, 2015 at 5:00 p.m., New York City time.
Based on the final count by Computershare, the depositary for the tender offer, KCG accepted for purchase 23,571,428 shares of KCG’s Class A Common Stock at a purchase price of $14.00 per share, for a total cost of approximately $330 million, excluding fees and expenses related to the tender offer. The repurchased shares represent approximately 22% of KCG’s Class A Common Stock outstanding excluding restricted stock units as of May 7, 2015.
The tender offer was oversubscribed. Pursuant to the terms of the tender offer, shares were accepted on a pro rata basis, except for tenders of odd lots, which were accepted in full, for a total cost of approximately $330 million, excluding fees and expenses related to the tender offer. KCG has been informed by the depositary that the proration factor for the tender offer, after giving effect to the priority of odd lots, is approximately 29.1%. The depositary will promptly pay for the shares accepted for purchase and will return all other shares tendered.
Source: KCG
