Equitable Holdings announced preliminary results of its cash tender offer to acquire up to 46 mn units of AllianceBernstein Holding L.P. at $38.50 per unit, net to the seller in cash, less tax withholding. The offer, valued at up to $1.8 bn, expired at 5 p.m. New York time on April 1, 2025.
According to initial results from the depositary and paying agent, 19,766,878 units were validly tendered and not withdrawn before the deadline.
This total includes 559,614 units submitted under a notice of guaranteed delivery.
Equitable expects to accept all validly tendered units for a total of approximately $761 mn, excluding related fees and expenses. Because the number of units tendered did not exceed the offer size, no proration will apply.
The units accepted represent about 17.9% of outstanding units as of December 31, 2024. Following the purchase, Equitable’s economic interest in AllianceBernstein L.P. will rise to approximately 68.6%.
The final purchase count depends on timely delivery of guaranteed units and confirmation by the depositary and paying agent.
Equitable will announce the final results after this process ends. Payment will follow promptly for all accepted units.
Equitable Holdings is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1 trillion in assets under management and administration and more than 5 mn client relationships globally.
Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses.
AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients.
Equitable Advisors has 4,600 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.
