trending Market Intelligence /marketintelligence/en/news-insights/trending/ycgwyq2pbxh22vzexvje1a2 content esgSubNav
In This List

IEG Holdings withdrawing LendingClub tender offer

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


IEG Holdings withdrawing LendingClub tender offer

IEG Holdings Corp. has decided to withdraw its tender offer for approximately 4.99% of LendingClub Corp.'s outstanding common shares.

IEG Chairman and CEO Paul Mathieson said the company will terminate the offer because the SEC expressed concern that it was improperly commenced.

Under the deal, IEG would have exchanged 13 common shares for each LendingClub common share, up to an aggregate of 20,701,999 LendingClub common shares.

IEG previously canceled an unsolicited tender offer to exchange its shares for LendingClub shares after its share price dropped significantly following the start of the offer.