Hilltop Holdings Inc. (NYSE:HTH) ("Hilltop" or the "Company") announced today the preliminary results of its modified "Dutch auction" tender offer to purchase up to $350.0 million of its common stock for cash at a price per share not less than $21.00 and not greater than $24.00, which expired at 12:00 midnight, New York City time, at the end of the day on November 13, 2020.
Based on the preliminary count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, a total of 8,058,947 shares of Hilltop's common stock, $0.01 par value per share, were properly tendered and not properly withdrawn at or below the purchase price of $24.00 per share, including 1,101,901 shares that were tendered by notice of guaranteed delivery. The number of shares conditionally tendered was 5,223 based on the preliminary count by the depositary.
In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, the Company expects to acquire approximately 8,058,947 shares of its common stock at a price of $24.00 per share, for an aggregate cost of approximately $193,414,728, excluding fees and expenses relating to the tender offer. These shares represent approximately 8.9 percent of the shares outstanding.