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Jul. 22, 2014, 2:41 PM
- Shares of investment manager FBR & Co. (FBRC +11.1%) surge to seven-month highs after the company late Monday disclosed plans to repurchase nearly 10% of its outstanding stock through a modified Dutch auction self-tender offering of up to 1M shares.
- The self-tender offering will be priced between $28-$29, a premium of at least 10.7% over Monday's closing price; based on the number of shares tendered and the prices specified by the tendering stockholders, FBRC will determine the lowest price within the range, allowing it to buy up to 1M shares.
FBR & Co is a full-service investment banking and institutional brokerage firm. The Company through its subsidiary provides capital raising services, financial advisory services, and institutional sales and trading services.
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