Fortress Announces Final Results of Modified “Dutch Auction” Self-Tender Offer
March 10 2016 - 4:38PM
Business Wire
Company Purchases 4,798,863 Class A Shares
at $4.75 Per Share
Fortress Investment Group LLC (NYSE:FIG) (“Fortress” or the
“Company”) today announced the final results of its modified “Dutch
auction” self-tender offer, which expired at 11:59 p.m., New York
City time, on March 4, 2016.
In accordance with the terms of the self-tender offer and based
on the final count by American Stock Transfer & Trust Company,
LLC, the depositary for the self-tender offer, Fortress has
accepted for purchase 4,798,863 of its Class A shares at a purchase
price of $4.75 per share, for a total cost of approximately $22.8
million, excluding fees and expenses relating to the self-tender
offer. The Class A shares accepted for purchase in the self-tender
offer represent approximately 2.17% of Fortress’s issued and
outstanding Class A shares as of March 4, 2016. The depositary for
the self-tender offer will promptly pay for the Class A shares
accepted for purchase. Fortress will fund the repurchase of Class A
shares in the self-tender offer using a portion of its cash and
cash equivalents on hand.
Morgan Stanley & Co. LLC is serving as dealer manager for
the self-tender offer. Innisfree M&A Incorporated is serving as
information agent for the self-tender offer and American Stock
Transfer & Trust Company, LLC is serving as depositary for the
self-tender offer. Shareholders who have questions or need
information about the self-tender offer may contact Innisfree
M&A Incorporated at 1-888-750-5834.
ABOUT FORTRESS
Fortress Investment Group LLC is a leading, highly diversified
global investment firm with $70.5 billion in assets under
management as of December 31, 2015. Founded in 1998, Fortress
manages assets on behalf of over 1,700 institutional clients and
private investors worldwide across a range of private equity,
credit, liquid hedge funds and traditional asset management
strategies. Fortress is publicly traded on the New York Stock
Exchange (NYSE: FIG). For additional information, please visit
www.fortress.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
“forward-looking statements,” including statements as to the
amount, timing and manner of the Company’s self-tender offer. These
statements are not historical facts, but instead represent only the
Company’s beliefs regarding future events, many of which, by their
nature, are inherently uncertain and outside of the Company’s
control. For a discussion of some of the risks and important
factors that could affect such forward-looking statements, see the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s Annual Report on Form 10-K, which is available on the
Company’s website (www.fortress.com). In addition, new risks and
uncertainties emerge from time to time, and it is not possible for
the Company to predict or assess the impact of every factor that
may cause its actual results to differ from those contained in any
forward-looking statements. Accordingly, you should not place undue
reliance on any forward-looking statements contained in this press
release. The Company can give no assurance that the expectations of
any forward-looking statement will be obtained. The Company
expressly disclaims any obligation to release publicly any updates
or revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with regard
thereto or any change in events, conditions or circumstances on
which any statement is based.
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version on businesswire.com: http://www.businesswire.com/news/home/20160310006575/en/
Fortress Investment GroupGordon E. Runté,
+1-212-798-6082grunte@fortress.com
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