Equitable Reports Preliminary Results of Tender for Up to 46 Million Units of AllianceBernstein

MT Newswires Live
02 Apr

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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