Cannae Holdings, Inc. (CNNE), a principal investment firm, Friday announced that it has commenced a tender offer to purchase up to $200 million of its common stock.
The offering is being conducted via a modified Dutch auction where shareholders can select the price within the range of $20.75 per share to $23.75 per share and the number of securities to sell within that price range.
Based on the number of securities tendered at the prices specified, the company will determine the lowest price within the range and enable it to purchase securities that have an aggregate purchase price of up to $200 million.
If the aggregate purchase price of the securities is more than $200 million tendered in the offering, then Cannae may increase the number of securities accepted for payment by up to 2 percent without extending the offer.
The offering will expire on April 1.
J.P. Morgan Securities LLC is serving as the dealer manager for the offering.
In pre-market activity, Cannae shares are trading at $22.47, up 2.98% on the New York Stock Exchange.
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