Equitable Holdings (EQH) reported Wednesday preliminary results of its cash tender offer to buy up to 46 million units of AllianceBernstein (AB) at $38.50 per unit, for a purchase price of up to about $1.8 billion.
Based on a preliminary count, about 19.8 million units were tendered prior to expiration, Equitable said, adding that it expects to accept all of the units tendered at a cost of about $761 million.
Equitable said the units it expects to purchase represent about 17.9% of the outstanding units as of Dec. 31 and it will have a roughly 68.6% stake in AllianceBernstein LP, the operating partnership of AB Holding.
Equitable shares were 2.2% higher in recent trading.
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