SAN - Banco Santander announces second extension for Santander Consumer USA tender offer

Santander, wholly-owned subsidiary of Banco Santander (SAN +0.3%), announced that it has extended the expiration date of its earlier announced tender offer to acquire all shares of of Santander Consumer USA (NYSE:SC) for $41.5/share. From its prior extension to Dec.9, the tender offer is now scheduled to expire on Dec.16. Under merger agreement terms, the tender offer will be followed by a second-step merger wherein purchaser will be merged with and into SC, with SC surviving as a wholly owned subsidiary of Santander. Transaction is expected to close in Q4.

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Banco Santander announces second extension for Santander Consumer USA tender offer