Hilltop Holdings gains on tender offer to buyback up to $400 mln worth of stock

Hilltop Holdings

02/05/2022 19:20

** Banking services provider's shares  HTH.N  up 17.8% at
$30.04 - seeing their best day of trading in at least two years 
    ** Stock among top pct gainers trading on the NYSE 
    ** Co launches modified "Dutch auction" tender offer to
purchase up to $400 mln of its common stock  urn:newsml:reuters.com:*:nBw4dJ7sHa
    ** Buyback to be made in cash for $28 to $32 per share
    ** At the mid-point of the price range, the offer represents
a premium of 17.69% to HTH's Friday close of $25.49
    ** Unless extended or terminated, tender offer will expire
midnight, New York City time on May 27
    ** A fully subscribed tender offer would see HTH buy between
15.7% and 18% of its outstanding common stock 
    ** In a typical Dutch auction, the price of an entity is
usually decided upon after considering all bids made for it in
order to select the highest price for which sale can be made
    ** YTD, HTH down 14.54% vs a 10.24% slide in the Nasdaq
composite  .IXIC  

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))