Arbutus Biopharma repurchases 46 million shares for $230 million in modified Dutch auction tender offer
ABUS•Arbutus Biopharma expects to repurchase 46 million shares at a preliminary price of $5 per share, for $230 million. The offer was oversubscribed, with estimated proration of about 55%.
1. Tender offer results
Arbutus Biopharma expects to repurchase 46 million common shares for cancellation in its modified Dutch auction tender offer at a preliminary purchase price of $5 per share, implying total consideration of $230 million. Shareholders tendered 65,907,215 shares at or below that price, and estimated proration is about 55%. Roivant Sciences tendered proportionately and is expected to retain a stake near 19.5%; Arbutus expects about 153,275,907 shares to remain outstanding after completion.
