Open Lending Tender Offer Succeeds: 85.65% of Shares Tendered, Merger Closing July 30
LPRO has more than doubled off its 52-week low of $1.175.
Summary
ANV's $3.15 per share cash tender offer for Open Lending succeeded with 85.65% of shares tendered, meeting all conditions. Payment is being made today, and the merger without a stockholder vote is set to close July 30. This follows the June 16 merger announcement and board recommendation. The high tender rate virtually guarantees deal completion, removing uncertainty. Remaining shares will be cashed out at the same $3.15 price in the merger. With the stock trading at the offer price near its 52-week high, the arbitrage spread is essentially closed.
At the time of this announcement, LPRO was trading at $3.15 on NASDAQ in the Finance sector, with a market capitalization of approximately $371.5M. The 52-week trading range was $1.18 to $3.15. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: BusinessWire.