SiebertFinancial Corp.'s board has declared a special dividend of 20 centsper outstanding common share.
The dividend is payable Oct. 24 to shareholders of record asof Oct. 13.
The special dividend is related to Kennedy Cabot'spending acquisitionof 90% of Siebert Financial's shares from Muriel Siebert's estate. The estateis a beneficial owner of almost 87.4% of the outstanding common stock, andKennedy Cabot will make a tender offer for the remaining shares at $1.20 pershare. After the payment of this dividend, the purchase price payable to theSiebert estate will be lowered to $9.0 million, or about 47 cents per share,from about $12.7 million, or about 66 cents per share. Minority shareholderswho tender their shares in Kennedy Cabot's tender offer will receive about$1.40 per share, which includes the special dividend.
While the tender offer had been scheduled to expire atmidnight Oct. 3, Kennedy Cabot extended it to Oct. 27.