On March 10, 2016, Fortress Investment Group LLC announced the final results of its modified “Dutch auction” self-tender offer.
The “Dutch auction” self-tender offer expired at 11:59pm EST on March 4, 2016. Fortress Investment Group LLC (“Fortress”) had accepted for purchase 4,798,863, or approximately 2.17%, of its issued and outstanding Class A shares at a purchase price of $4.75 per share. The self-tender offer’s total cost was approximately $22.8 million, not including fees and expenses. To fund the repurchase of Class A shares in the self-tender offer, Fortress will use a portion of its cash and cash equivalents on hand. American Stock Transfer & Trust Company, LLC is serving as depository for the self-tender offer.
Fortress is a global investment firm with $70.5 billion in assets under management as of December 31, 2015. Fortress is publically traded on the New York Stock Exchange (NYSE: FIG).
To read the press release: please click here.