Wex to Launch $750 Million Share Buyback via Modified Dutch Auction; Shares Rise

MT Newswires Live02-25

Wex (WEX) said Tuesday it plans to launch a modified Dutch auction tender offer to repurchase up to $750 million of its common stock at a price between $148 and $170 per share.

The tender offer is expected to begin on Feb. 26 and expire on March 25 unless extended or terminated earlier.

Wex said it expects to fund the tender offer primarily through one or more debt financings, resulting in at least $750 million in gross proceeds.

In the modified Dutch auction, shareholders can specify the number of shares they wish to tender and at what price within the stated range.

Wex said it will determine the lowest price within that range that allows it to purchase $750 million worth of shares, or a lesser amount if fewer shares are tendered. All accepted shares will be purchased at the same price, while shares tendered above the final purchase price will not be bought.

Shares of Wex were up nearly 6% in recent trading.

Price: 156.80, Change: +8.51, Percent Change: +5.74

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