Business
Encore Capital Group Commences Previously Announced Tender Offer to Purchase up to $300 Million of Shares of its Common Stock
SAN DIEGO, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ: ECPG) (“Encore”), today announced that it has commenced the previously
About this update from Encore Capital Group Inc
[{"type":"text","content":"SAN DIEGO, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ: ECPG) (“Encore”), today announced that it has commenced the previously announced modified “Dutch auction” tender offer to purchase with cash up to $300 million of shares of its common stock, at a price per share of not less than $52.00 and not more than $60.00. The complete terms of the tender offer are set forth in the offer to purchase and the related letter of transmittal, each dated today. The tender offer will expire one minute after 11:59 P.M. (New York City time) on December 2, 2021, unless extended by Encore or otherwise terminated. Tenders of shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case, in accordance with the procedures described in the tender offer materials. The tender offer is not conditioned on the receipt of financing or any minimum number of shares being tendered, but it is subject to certain other conditions. Subject to applicable law, Encore may extend, terminate or otherwise amend the tender offer in its sole discretion. The tender offer documents contain tendering instructions and a complete explanation of the tender offer’s terms and conditions. Encore expects to use cash and cash equivalents to fund the purchase of shares validly tendered and accepted in the tender offer. We may also make a drawing from our multi-currency senior secured revolving credit facility agreement. A modified “Dutch auction” tender offer allows stockholders to indicate how many shares and at what price within Encore’s specified range they wish to tender their shares. Based on the number of shares tendered and the prices specified by the tendering stockholders, Encore will determine the lowest price per share within the specified range that will enable it to purchase shares having an aggregate purchase consideration of up to $300 million. Encore also reserves the right, in the event that more than $300 million of its shares are tendered in the tender offer at or below the purchase price, to purchase at its option up to an additional number of shares of common stock not to exceed 2% of the total number of its shares of common stock outstanding (exclusive of any shares of common stock held by or for Encore’s account or by or for the account o...