AMC Networks Inc. announced the final results of its modified Dutch auction tender offer to buy back $250.6 million of its outstanding Class A common stock.
Under the modified Dutch auction tender offer, shareholders could bid to sell their stock at any price within the defined price range of $22.50 and $26.50. A purchase price was reached based on the bids entered, calculated as the lowest price that would allow AMC to buy the amount of shares it sought in the offer. Based on the final count, AMC Networks accepted for purchase 10,802,550 shares at a price of $23.20 per share. AMC Networks paid for the share repurchases with cash.
AMC owns and operates several of cable television’s most recognized brands, including AMC, IFC, SundanceTV, WE tv and IFC Films. AMC also operates AMC Networks International, BBC America, and streaming services such as Acorn TV.
The S&C team advising AMC Networks included
Bob Downes, Katya Roze and Spencer Nord.
Davis Wang and
Saul Brander advised on tax matters. Rebecca Coccaro advised on employee benefit and incentive plan matters.
Alan Sinsheimer advised on tender offer matters.