HTH - Hilltop rallies on commencing offer to repurchase up to $400M of its stock

Hilltop (NYSE:HTH) rallied 14.8% higher premarket after it commenced a modified Dutch auction tender offer to purchase for cash up to $400M of its stock at a price not less than $28/share and not greater than $32/share utilizing available cash on hand. The offer will expire on May 27, 2022, end of day, unless extended or terminated. If offer is fully subscribed, the company will purchase between 12.5M and 14.43M shares or between 15.7% and 18.0%, respectively, of its outstanding common stock.

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Hilltop rallies on commencing offer to repurchase up to $400M of its stock