Charles Schwab to purchase 84 million shares in offer

By Lisa Kerner

Charlotte, N.C., Aug. 1 - The Charles Schwab Corp. expects to accept for payment about 84 million shares of its common stock priced at $20.50 per share, or $1.7 billion, in the Dutch tender offer ended July 31.

The company agreed to purchase 18 million shares, also priced at $20.50 each, or $369 million, beneficially owned by its largest shareholder, company chairman and chief executive officer Charles R. Schwab.

These results are preliminary, according to a company news release.

On July 2, the San Francisco-based financial services company announced plans for a $2.3 billion share repurchase through a modified Dutch auction tender offer of up to 84 million shares. The offer included the right to purchase up to an additional 25 million shares, at a price per share not less than $19.50 or more than $22.50.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.