FBR & Co. Announces Results of Self-Tender Offer
20 June 2013 - 6:10AM
FBR & Co. (Nasdaq:FBRC) today announced the results of its
previously announced modified "Dutch auction" tender offer to
purchase up to 1.25 million shares of its common stock at a price
between $22.50 and $23.50, which expired at 12:00 midnight, New
York City time, on Tuesday, June 18, 2013. FBR has accepted for
purchase sixty-four shares of its common stock, or less than 0.1%
of its shares outstanding, at a price of $23.10 per
share. Payment for the shares accepted for purchase under the
tender offer will be made promptly, at a total cost to FBR of
approximately $1,500 excluding fees and expenses relating to the
tender offer. FBR expects to have approximately 11.9 million
shares of common stock outstanding immediately following
consummation of the tender offer.
Since FBR commenced its first self-tender offer in May 2011, the
company has repurchased a total of approximately 4.2 million
shares, returning just over $49 million to shareholders. While
the company may choose to make further opportunistic repurchases to
offset the dilutive effect of vesting employee grants, FBR's
overriding objective will continue to be enhancing shareholder
value through the most effective means available.
FBR remains authorized to repurchase additional shares of its
common stock from time to time through open market purchases, at
prevailing market prices or in privately negotiated or other
transactions. This authorization is subject to modification or
termination by FBR's board of directors at any time. Pursuant
to Rule 13e-4(f) under the Securities Exchange Act of 1934, as
amended, any such additional repurchases by FBR of shares of its
common stock shall not occur prior to the expiration of at least
ten business days after the expiration date of the tender
offer.
FBR Capital Markets & Co. served as the dealer manager for
the tender offer and D.F. King & Co., Inc. is serving as the
information agent.
Questions regarding the tender offer should be directed to D.F.
King & Co., Inc. at (800) 659-6590 (Toll-free).
About FBR & Co.
FBR & Co. (Nasdaq:FBRC) provides investment banking, merger
and acquisition advisory, institutional brokerage, and research
services through its subsidiary FBR Capital Markets & Co. FBR
focuses capital and financial expertise on the following industry
sectors: consumer; diversified industrials; energy & natural
resources; financial institutions; insurance; real estate; and
technology, media & telecom. FBR is headquartered in the
Washington, D.C. metropolitan area with offices throughout the
United States. For more information, please visit www.fbr.com.
CONTACT: Investors: Bradley J. Wright at 703.312.9678 or bwright@fbr.com
Media: Shannon Small at 703.469.1190 or ssmall@fbr.com
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