CNB COMMUNITY BANCORP, INC. ANNOUNCES RESULTS OF ISSUER TENDER OFFER
CNB Community Bancorp, Inc. (OTCQX: CNBB) has announced the final results of its tender offer to purchase up to 145,000 shares of its outstanding common stock at $38.50 per share. The offer, which expired on September 25, 2024, was oversubscribed with 188,375 shares validly tendered. As a result, the Company will purchase 145,000 shares on a pro rata basis, except for 'odd lots' which are purchased in full, for a total cost of $5,582,500.
The proration factor for the Tender Offer, after accounting for odd lots, was approximately 76.5%. The accepted shares represent about 6.5% of the Company's outstanding shares as of August 20, 2024. Payments for accepted shares are expected to be issued promptly after the expiration date.
CNB Community Bancorp, Inc. (OTCQX: CNBB) ha annunciato i risultati finali della sua offerta pubblica di acquisto per un massimo di 145.000 azioni del suo capitale sociale in circolazione a 38,50 dollari per azione. L'offerta, scaduta il 25 settembre 2024, ha registrato un'adesione superiore alle aspettative, con 188.375 azioni valide presentate. Di conseguenza, la Società acquisterà 145.000 azioni su base proporzionale, tranne per le 'piccole quantità' che verranno acquistate per intero, per un costo totale di 5.582.500 dollari.
Il fattore di proration per l'Offerta Pubblica di Acquisto, dopo aver considerato le piccole quantità, è stato di circa il 76,5%. Le azioni accettate rappresentano circa il 6,5% delle azioni in circolazione della Società al 20 agosto 2024. I pagamenti per le azioni accettate dovrebbero essere emessi prontamente dopo la data di scadenza.
CNB Community Bancorp, Inc. (OTCQX: CNBB) ha anunciado los resultados finales de su oferta pública de adquisición para comprar hasta 145,000 acciones de su capital social en circulación a 38.50 dólares por acción. La oferta, que expiró el 25 de septiembre de 2024, fue sobredimensionada, con 188,375 acciones válidamente ofrecidas. Como resultado, la Compañía comprará 145,000 acciones en base prorrateada, excepto por las 'pequeñas cantidades' que se comprarán en su totalidad, por un costo total de 5,582,500 dólares.
El factor de prorrateo para la Oferta fue aproximadamente del 76.5%. Las acciones aceptadas representan alrededor del 6.5% de las acciones en circulación de la Compañía a partir del 20 de agosto de 2024. Se espera que los pagos por las acciones aceptadas se emitan de inmediato después de la fecha de expiración.
CNB Community Bancorp, Inc. (OTCQX: CNBB)는 자사 발행 보통주 최대 145,000주를 주당 38.50달러에 매입하겠다는 공개매수의 최종 결과를 발표했습니다. 이 제안은 2024년 9월 25일에 만료되었으며, 188,375주가 유효하게 제출되어 과다 청약되었습니다. 따라서 회사는 '소량'을 제외하고 145,000주를 비례 배분하여 매입하며, 총 비용은 5,582,500달러입니다.
소량을 고려한 공개매수의 비례배분 비율은 약 76.5%였습니다. 수락된 주식은 2024년 8월 20일 기준으로 회사의 발행 주식의 약 6.5%를 차지합니다. 수락된 주식에 대한 지급은 만료일 이후 즉시 이루어질 것으로 예상됩니다.
CNB Community Bancorp, Inc. (OTCQX: CNBB) a annoncé les résultats finaux de son offre publique d'achat visant à acquérir jusqu'à 145 000 actions de son capital social en circulation à 38,50 dollars l'action. L'offre, qui a expiré le 25 septembre 2024, a été sursouscrite avec 188 375 actions valablement soumises. En conséquence, la société achètera 145 000 actions sur une base pro-rata, à l'exception des 'petites quantités' qui seront achetées intégralement, pour un coût total de 5 582 500 dollars.
Le facteur de prorata pour l'offre, après prise en compte des petites quantités, était d'environ 76,5 %. Les actions acceptées représentent environ 6,5 % des actions en circulation de la société au 20 août 2024. Les paiements pour les actions acceptées devraient être effectués rapidement après la date d'expiration.
Die CNB Community Bancorp, Inc. (OTCQX: CNBB) hat die endgültigen Ergebnisse ihres Angebots zur Rückkauf von bis zu 145.000 Aktien ihres ausstehenden Stammkapitals zu einem Preis von 38,50 Dollar pro Aktie bekannt gegeben. Das Angebot, das am 25. September 2024 abgelaufen ist, war überzeichnet, da 188.375 Aktien gültig angeboten wurden. Infolgedessen wird das Unternehmen 145.000 Aktien anteilig erwerben, mit Ausnahme von 'Kleinmengen', die in voller Höhe gekauft werden, insgesamt 5.582.500 Dollar.
Der Proration-Faktor für das Rückkaufangebot betrug, unter Berücksichtigung der Kleinmengen, ungefähr 76,5%. Die akzeptierten Aktien machen etwa 6,5% der ausstehenden Aktien des Unternehmens zum 20. August 2024 aus. Zahlungen für die akzeptierten Aktien werden voraussichtlich unmittelbar nach dem Ablaufdatum ausgezahlt.
- Successful completion of tender offer, indicating strong shareholder interest
- Purchase of 145,000 shares at $38.50 per share, totaling $5,582,500
- Oversubscription of the tender offer, with 188,375 shares tendered
- Potential reduction in the Company's cash reserves due to the $5,582,500 share repurchase
The Tender Offer, which expired at 5:00 p.m., Eastern Daylight Time, on September 25, 2024, was oversubscribed. Based upon the final count by the depository, Continental Stock Transfer and Trust, 188,375 shares were validly tendered and not properly withdrawn.
Therefore, in accordance with the terms and conditions of the Tender Offer set forth in the Offer to Purchase and related Letter of Transmittal documents sent to shareholders, the Company will purchase 145,000 shares of common stock from all tendering shareholders on a pro rata basis, except for tenders of "odd lots" (tendering shareholders owning fewer than 100 shares), which are purchased in full, for a total cost of
Payments for shares tendered and accepted are expected to be issued as promptly as possible after the expiration date.
Questions regarding the Tender Offer may be directed to Innisfree M&A Incorporated at (877) 750-0537 (for shareholders) and (212) 750-5833 (for banks/brokers).
About CNB Community Bancorp Inc.
CNB Community Bancorp, Inc. (OTCQX:CNBB) is a one-bank holding company formed in 2005. Its subsidiary bank, County National Bank, is a nationally chartered full-service bank, which has served its local communities since its founding in 1934. CNB Community Bancorp, Inc. is headquartered in
Safe Harbor Statement
This news release and other releases and reports issued by the Company may contain "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and expectations including with respect to the completion of the tender offer. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. The Company is including this statement for purposes of taking advantage of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
View original content:https://www.prnewswire.com/news-releases/cnb-community-bancorp-inc-announces-results-of-issuer-tender-offer-302264526.html
SOURCE CNB Community Bancorp, Inc.
FAQ
What was the final result of CNB Community Bancorp's (CNBB) tender offer?
When did CNB Community Bancorp's (CNBB) tender offer expire?
What was the proration factor for CNB Community Bancorp's (CNBB) tender offer?
What percentage of CNB Community Bancorp's (CNBB) outstanding shares were accepted in the tender offer?
