Banco Santander announces tender offer for Santander BanCorp shares

By Lisa Kerner

Charlotte, N.C., Dec. 14 - Banco Santander SA said it plans to begin a $12.25-per-share cash tender offer for all the outstanding publicly held shares of Santander BanCorp common stock within approximately one month.

Currently, Banco Santander owns 90.6% of the Santander BanCorp outstanding shares.

Once the tender offer is complete, Banco Santander will take Santander BanCorp private via a short-form merger.

There are no financing conditions to the offer, and the offer does not require the approval of the boards of directors of either company, according to a Banco Santander news release.

Sandler O'Neill & Partners, LP is advising Banco Santander, a Madrid-based bank.

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