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Santander Holdings USA, Inc. (SHUSA) has extended the expiration date of its tender offer to acquire all outstanding common stock of Santander Consumer USA Holdings Inc. (SC) to November 9, 2021, offering $41.50 per share. The tender offer began on September 7, 2021, and follows a merger agreement signed on August 23, 2021. The transaction requires regulatory approval but not shareholder consent, with expectations to close in Q4 2021. Approximately 11.1 million SC shares have been tendered as of November 2, 2021.
Santander Consumer USA Holdings reported a strong third quarter of 2021, achieving a net income of $763 million, or $2.49 per diluted share. Despite a 7% decline in total auto originations to $7.8 billion, core retail auto loans surged 17% to $3.1 billion. Notably, delinquency ratios increased, with the 30-59 delinquency ratio rising to 6.8%, and the 59-plus ratio at 3.3%. The company also executed roughly $300 million in off-balance sheet prime loan sales. They are awaiting approval for a potential dividend declaration in Q4 2021.
Santander Holdings USA, Inc. (SHUSA) has extended the expiration of its tender offer for all outstanding shares of Santander Consumer USA Holdings Inc. (SC) to November 2, 2021, at an offer price of $41.50 per share. The tender offer commenced on September 7, 2021, and is part of a merger agreement dating back to August 23, 2021. The transaction is subject to customary closing conditions, including federal regulatory approval, and is expected to close in Q4 2021. As of October 19, 2021, approximately 13.7 million shares of SC have been tendered.
Santander Holdings USA, Inc. (SHUSA) has extended its tender offer to acquire all outstanding shares of Santander Consumer USA Holdings Inc. (NYSE: SC) at $41.50 per share. The tender offer, initially set to expire on October 4, 2021, will now close on October 19, 2021. Following this, a second-step merger will occur where SC will become a wholly-owned subsidiary of SHUSA. The transaction awaits regulatory approval from the Federal Reserve and is expected to close in late October 2021, with no shareholder approval required.
Santander Consumer USA Holdings Inc. (SC) announced a five-year sponsorship deal where Chrysler Capital will support the Chrysler Minority Dealers Association (CMDA) with over $2.8 million towards initiatives fostering minority dealership growth. Key initiatives include annual membership meeting sponsorships, a Dealer Development Fellowship for aspiring minority dealers, and internship scholarships. The partnership aims to enhance minority dealer representation and engagement within the automotive industry, emphasizing diversity and equity in dealer relationships.
Santander Consumer USA Holdings (SC) announced Marc Womack as the new Head of Operations, effective October 18, 2021. He will oversee Operations functions including Loan Operations and Customer Experience. Womack brings over 30 years of banking experience, previously leading TD Auto Finance. He succeeds Sandra Broderick, who is set to retire in early 2022. Santander Consumer operates a $64 billion managed asset portfolio, serving over 3.1 million customers.
Santander Holdings USA has appointed Ashwani Aggarwal as the new Chief Risk Officer, effective August 24, 2021. Aggarwal, who joined Santander in 2019, will oversee risk management and compliance for SHUSA and its U.S. businesses, working closely with leadership to balance risk and business needs. He brings nearly 20 years of experience, including roles at JPMorgan Chase and GE Capital. This leadership appointment underscores Santander's commitment to internal talent development.
Santander Consumer USA Holdings Inc. (NYSE: SC) announced an agreement for its majority shareholder, Santander Holdings USA, Inc. (SHUSA), to acquire SC for $41.50 per share in cash, totaling $12.7 billion. The deal has received unanimous board approval and is anticipated to close in Q4 2021. The offer represents a 14% premium over SC's closing price of $36.43 on July 1, 2021. The acquisition will be executed through a tender offer with customary regulatory approvals required. SC will become a wholly owned subsidiary of SHUSA upon completion.
Santander Consumer USA Holdings (NYSE: SC) reported a record net income of $1.1 billion or $3.45 per diluted share for Q2 2021, reflecting a strong performance in a competitive market. Total auto originations reached $10.5 billion, up 34% from the previous year, with core retail auto loans surging 79%. The company will pay a cash dividend of $0.22 per share on August 19, 2021. Despite a 5.5% delinquency ratio increase and ongoing COVID-19 uncertainties, the company remains optimistic about future growth and stability.
Santander Consumer USA Holdings Inc. (SC) announced an innovative digital auto finance experience aimed at enhancing dealer and consumer interactions. Developed in partnership with AutoFi, this digital suite allows dealers to self-service through key vehicle underwriting points, streamlining the sales process. Key features include tools for identifying suitable vehicles and enabling online previews of dealer inventory. Initial digital offerings will roll out to select dealers in the coming months, with a full national launch planned for 2022. SC reported a managed asset portfolio of approximately $64 billion as of March 31, 2021.
