Equitable Holdings (EQH) reported the final results of its cash tender offer to buy up to 46 million units of AllianceBernstein Holding (AB) at $38.50 apiece for up to $1.8 billion.
About 19.7 million units were tendered under the offer, which expired on Tuesday, with payment totaling $757.8 million, Equitable said Thursday in a statement.
The units accepted for purchase represent almost 18% of the outstanding units as of Dec. 31, leaving Equitable with a 68.6% stake in AllianceBernstein LP, the operating partnership of AllianceBernstein Holding.
Equitable shares fell 9.3%, and AllianceBernstein Holding dropped 4.3% in recent Thursday trading as the broader equity market tumbled.
Price: 49.84, Change: -5.09, Percent Change: -9.27
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