CIT Group (CIT) – Odd Lot Tender Offer

Posted on May 10, 2017 by admin
  • Company: CIT Group Inc. 
  • Ticker: CIT
  • Market Cap: ~$9.5bn
  • Size of Action: up to $2.75bn
  • Type of Transaction: Dutch Tender Offer with Odd-Lot Provision
  • Current Price: $46.70
  • Tender Price: $43-$48
  • Potential Gain (%): 2.7% (assuming upper limit)
  • Expiration: May 24th, 2017
  • Tender Limit (Shares): 99
  • Max Investment ($): ~$4,620
  • Max Gain ($): ~$130
  • Link: Filing
  • Summary: CIT Group is returning cash to shareholder following completion of its commercial aircraft leasing business. The company is offering to purchase Shares for cash up to $2,750,000,000, at a per share price not greater than $48.00 and not less than $43.00.If the Offer is fully subscribed at a Purchase Price of $48.00, the maximum Purchase Price pursuant to the Offer, the completion of the Offer will result in the repurchase by CIT of 57,291,667 Shares, which would represent approximately 28.26% of our issued and outstanding Shares. If the Offer is fully subscribed at a Purchase Price of $43.00, the minimum Purchase Price pursuant to the Offer, the completion of the Offer will result in the repurchase by CIT of 63,953,488 Shares, which would represent approximately 31.55% of our issued and outstanding Shares.
  • Odd Lot Provision:  The term “odd lots” means all Shares tendered at or below the Purchase Price by any person (an “Odd Lot Holder”) who owned beneficially or of record an aggregate of fewer than 100 Shares. Odd lots will be accepted for payment before any proration of the purchase of other tendered Shares.
  • All information contained on or available through this Web Site (“the Content”) is for general information purposes only and does not constitute any investment advice.
This entry was posted in Odd Lot Tender Offers. Bookmark the permalink.