AMTB - Amerant Bancorp buys back ~10% of its common stock

Amerant Bancorp's (AMTB) modified "Dutch auction" tender offer was oversubscribed with 4.94M shares of class B common stock tendered at or below $12.55 per share.The company had offered to repurchase up to $50.0M of its class B common stock at $11.05 to $12.55 per share.AMTB accepted for purchase ~4.25M shares at a price of $12.55 per share for an aggregate cost of $53.3M.The amount repurchased includes 265,722 shares that the company elected to purchase under its right to buy up to an additional 2% of its outstanding shares of class B common stock.That puts the proration factor at 86.08%.The shares repurchased represent ~32% of class B shares outstanding and 10% of the total of class A and class B shares outstanding as of Nov. 12, 2020.

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Amerant Bancorp buys back ~10% of its common stock