A preliminary count of CIT Group Inc.'s modified Dutch auction tender offer showed that 12.9 million common shares were tendered at or below the price of $54.75 per share.
The New York-based company expects to accept for payment approximately 11.1 million common shares at an aggregate cost of about $609 million, excluding fees and expenses relating to the tender offer. The shares to be bought represent about 8.8% of its outstanding common shares. CIT initially planned a tender offer for up to $500 million of its shares.
Credit Suisse Securities (USA) LLC acted as dealer manager for the offer. Georgeson LLC is the information agent and Computershare Trust Co. N.A. is the depositary for the offer.
