Equitable Holdings, Inc. announced on February 24, 2025, the commencement of a cash tender offer to purchase up to 46,000,000 units of AllianceBernstein Holding L.P. (AB Holding). The offer price is $38.50 per unit, representing an aggregate purchase price of up to approximately $1.8 billion.
This tender offer represents a 7.8% premium over AB Holding’s closing price on February 21, 2025. If the maximum number of units are purchased, Equitable's economic interest in AllianceBernstein L.P. will increase from approximately 61.9% to 77.5%.
The strategic rationale behind this offer is to increase Equitable's ownership in AllianceBernstein, thereby capturing more of the strong synergies between the two companies. This move is part of Equitable's broader strategy to enhance its focus on high-return on capital businesses like asset and wealth management.
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