Tetragon Financial Group Ltd. (TGONF, TFG.L, TFG.AS), a Guernsey-based closed-ended investment company, on Friday launched a tender offer to repurchase up to $50 million of its non-voting shares in cash.
The tender offer will be conducted through a modified Dutch auction, with shareholders able to tender shares at prices ranging from $13.25 to $15.25 per share.
The offer is expected to expire at 11:59 p.m. ET on April 13.
Under the process, the company will determine the lowest price within the specified range that allows it to repurchase up to $50 million of shares, based on the number of shares tendered by shareholders.
The final purchase price and any proration factor are expected to be announced on or about April 14, with settlement expected shortly thereafter.
On Thursday, Tetragon Financial closed trading 0.70% lesser at $14.10 on the London Stock Exchange.
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