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FBR & Co Commences Self Tender Offer To Purchase Up To 1.25 Million Shares

Tuesday, 21 May 2013 08:41am EDT 

FBR & Co announced the commencement of a modified Dutch auction tender offer to purchase up to 1.25 million shares, or about 10.6%, of outstanding common stock, at a price of not less than $22.50 and not more than $23.50 per share. The tender offer will expire at 12:00 midnight, New York City time, on June 18, 2013, unless extended. A modified Dutch auction tender offer allows stockholders to indicate how many shares and at what price(s) they wish to tender their shares within the specified price range. Based on the number of shares tendered and the prices specified by the tendering stockholders, FBR will determine the lowest price per share within the range that will allow FBR to purchase up to 1.25 million shares of common stock, or a lower amount depending on the number of shares properly tendered and not properly withdrawn. FBR expects to fund the purchase of shares in the tender offer with cash on hand. The tender offer is in addition to the previously disclosed 777,712 shares that FBR is currently authorized to repurchase. FBR has retained FBR Capital Markets & Co. as the dealer manager for the tender offer and D.F. King & Co., Inc. as the information agent. 

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-0.15 -0.57%
22 Oct 2014