Syncora evaluating unsolicited tender offer for fixed/floating preferreds

By Jennifer Chiou

New York, Oct. 17 - Syncora Holdings Ltd. announced that its board has learned of an unsolicited tender offer for the company's fixed/floating series A perpetual non-cumulative preference shares.

In a letter to holders, the company stated that Southpaw Asset Management LP launched the unsolicited offer for the preferreds on behalf of certain unidentified advised funds.

According to a news release, Syncora's board of directors may decline to approve or register any transfer of shares "if it appears to the board [...] that any non-de minimis adverse tax, regulatory or legal consequences to the company, any subsidiary of the company, or any other direct or indirect holder of shares or its affiliates would result from such transfer."

The board noted that it has sent a letter to request information from Southpaw to help make an informed decision as to whether it should permit the transfer and registration of any series A shares that may be tendered.

Questions may be directed to Michael Corbally (212 478-3400 or michael.corbally@scafg.com).

Syncora Holdings is a Bermuda domiciled holding company. Subsidiary Syncora Guarantee Inc. is a monoline financial guarantee insurance provider based in New York.

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