IHC to commence tender offer to repurchase $27m worth of common stock

Written by Adam Cadle

20/04/2020

US life insurer Independence Holding Company (IHC) intends to commence a tender offer by the end of this month to purchase up to 1,000,000 shares of its common stock at a price per share of $27.

The number of shares currently proposed to be purchased in the tender offer represents approximately 6.8% of IHC’s currently outstanding shares of common stock and involves an aggregate purchase price of up to $27m.

IHC’s board of directors has determined to commence the tender offer in order to provide liquidity to its stockholders by permitting them the opportunity to tender shares of IHC common stock for cash in accordance with the terms of the offer to purchase that will be filed with the Securities and Exchange Commission.

"None of IHC, its board of directors or the information agent or the depositary for the tender offer will make any recommendations to stockholders as to whether to tender or refrain from tendering their shares into the tender offer," the insurer said. 

"Stockholders must make their own decision as to how many shares they will tender, if any."

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