2023-07-20 10:13:55 ET
- CMUV Bancorp ( OTCQB:CMUV ) has commenced a tender offer to purchase up to 10% of its outstanding shares, or 187,765 shares, at a price/share of $14.25, provided the Co. may increase the number of shares it purchases up to 0.2M shares.
- The Co. intends to fund the purchase of shares tendered and related expenses at a total cost of $30M, supported by cash dividend of up to $2.75M from its subsidiary, Community Valley Bank, and up to $0.25M from cash reserves.
- As of July 20, 2023, the Co. had 1.88M shares of Common Stock issued and outstanding; where the tender offer will expire on August 17, 2023, unless extended.
- The tender price of $14.25 is a 6.4% premium to the last actual trade in the Co.’s stock at $13.40 on July 19, 2023.
For further details see:
CMUV Bancorp to repurchase up to 10% of its outstanding shares of common stock