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FBR & Co. begins tender offer

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Arlington-based FBR & Co. has begun a modified “Dutch auction” tender offer to purchase up to 4 million shares of its common stock.

The parent company of investment bank FBR Capital Markets & Co.  said it will buy the shares, which represent about 7 percent of its outstanding shares, at $2.75 to $3 each share.

The tender offer will expire at midnight, Eastern Standard Time, on June 6, unless extended.

A modified “Dutch auction” tender offer allows stockholders to indicate how many shares and at what price they wish to tender their shares within the price range.

Based on the number of shares tendered and the prices specified by the tendering stockholders, FBR will determine the lowest price per share within the range that will allow FBR to purchase up to 4 million shares.

Stockholders whose shares are purchased in the offer will receive the determined purchase price per share in cash, without interest, after the expiration of the offer period, subject to the conditions of the tender offer, including the provisions relating to proration, “odd lot” priority and conditional tenders.

FBR has retained FBR Capital Markets & Co. as the dealer manager for the tender offer and D.F. King & Co., Inc. as the information agent.


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