FBR & Co. expects to spend $15.8 million for shares
- August 31, 2011
Arlington-based investment banker FBR & Co. expects to purchase 6.18 million shares of its stock for about $15.8 million, according to preliminary results of its “Dutch auction” tender offer.
The company’s offer to buy up to 6 million shares of common stock at $2.55 to $2.75 expired at midnight on Monday.
Shareholders tendered 6,182,723 shares, and the company has expand its 6 million-share target.
The shares represent approximately 10.2 percent of the company’s outstanding shares on Aug. 26.