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Pershing Square says $300m tender is complete


Pershing Square says $300m tender is complete – Pershing Square Holdings has announced that the tender offer, for up to $300 million in value of its public shares, closed at 1:00 p.m. BST on 10 May 2018.

The strike price for the tender offer was $13.47 per public share. A total of 22,271,714 public shares were acquired by the company in the tender offer.  The strike price was based on Pershing Square’s NAV on 9 May 2018 of $16.94 per share. The strike price represented a 20.5% discount to the NAV.

Shareholders had to tell the company the minimum price that they were prepared to accept for their shares. 13,919,724 shares were validly tendered below the strike price and have been accepted in full at the strike price. The purchase of such a large clock of shares at a material discount benefits the NAV per share for ongoing shareholders. Using the 9 May 2018 NAV, the NAV per share would have increased from $16.94 to approximately $17.29, an uplift of approximately 2.1%.  It is intended that settlement of the tender offer will occur on or around 18 May 2018. All public shares acquired by the company will be cancelled,

PSH : Pershing Square says $300m tender is complete

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