US Treasury To Begin Auction Of Boston Private Financial Warrants Tuesday
January 31 2011 - 9:00AM
Dow Jones News
The U.S. Treasury said Monday an auction of about 2.9 million
warrants to purchase Boston Private Financial Holdings Inc. (BPFH)
common stock will begin Tuesday morning.
The warrants will be sold through a Dutch auction method that
sets a market price by allowing investors to submit bids above a
minimum price of $1.40 per warrant.
The auction will start at 8 a.m. EST Tuesday, and bidders have
until 6:30 p.m. to submit bids. Deutsche Bank Securities is the
sole book-runner in the deal.
Shares of the Boston-based financial services company closed up
5.3% on Friday at $6.72.
Treasury received the warrants in consideration for investments
made under the Troubled Asset Relief Program, created to help bail
out Wall Street during the financial crisis. Treasury infused
financial firms with cash in exchange for ownership stakes in the
companies.
Last week, Treasury conducted an auction of 465.1 million
warrants of Citigroup Inc. (C). The Citi auction, expected to close
Monday, is expected to result in net proceeds of $312.2
million.
-By Tom Barkley, Dow Jones Newswires; 202-862-9275,
tom.barkley@dowjones.com
Boston Private Financial (NASDAQ:BPFH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Boston Private Financial (NASDAQ:BPFH)
Historical Stock Chart
From Apr 2023 to Apr 2024