The previously announced modified Dutch auction was for the purchase of up to 1M shares at between $28 and $29 each, and FBR (FBRC +0.5%) has accepted for purchase 1.2M shares at a price of $28 each (there was an option to increase the size of the offering by up to 2%).
The purchase represents 11.9% of the float, leaving about 8.9M shares remaining, and the company has open market repurchase authority for another 954K 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.
gsterling+ FollowFollowing- Unfollow|Send Message18 Dec 2013
$FBRC I'm guessing here is no news today? This stock can be very volatile.
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FBRC vs. ETF Alternatives
FBR & Co through its subsidiaries, provides capital raising, securities sales and trading, merger, acquisition and advisory services, proprietary investments, and venture capital and other asset management services.