Equitable Holdings (EQH) said Monday it launched a cash tender offer to purchase up to 46 million AllianceBernstein Holding (AB) units for $38.50 per unit, totaling about $1.8 billion.
The company said the price represents a 7.8% premium over AB Holding's Feb. 21 closing price.
The offer represents roughly 41.7% of AB Holding's outstanding units, the company said, adding if the offer is fully subscribed, Equitable's economic interest in AB will rise to about 77.5%.
The offer is subject to the terms and conditions outlined in the offer to purchase and the related letter of transmittal, both dated Feb. 24.
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