SC - Santander extends tender offer to acquire remaining unowned shares of Santander Consumer

Santander, a wholly-owned subsidiary of Banco Santander (NYSE:SAN), extended the expiration date of its earlier announced tender offer o acquire all outstanding shares of common stock of Santander Consumer (NYSE:SC), not already owned, for $41.50/share. Under merger agreement terms, the tender offer will be followed by a second-step merger wherein Santander will be merged with and into SC, with SC surviving as a wholly owned subsidiary of Santander. The Tender Offer commenced on Sep.7 and was scheduled to expire on Nov.9; due to the extension, the tender offer is now scheduled to expire on Nov.17. The transaction is expected to close in Q4. Computershare and Computershare Trust, the joint depositary for the tender offer, have informed Santander that ~13.8M shares of SC have been tendered and not validly withdrawn in the tender offer as of Nov. 9, 2021.

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Santander extends tender offer to acquire remaining unowned shares of Santander Consumer