Benzinga | Jul 2, 2021 07:32AM EDT

Santander Holdings Reports Submitted Proposal To Santander Consumer USA To Buy All Outstanding Shares Of For $39/Share In Cash

Santander Holdings USA, Inc. ("SHUSA") today announced that it submitted a proposal to Santander Consumer USA Holdings Inc. ("SC") yesterday to acquire all outstanding shares of common stock of SC not already owned by SHUSA for $39.00 per share in cash. The proposal represents a 7.4% premium to Wednesday's closing price of $36.32 and a 30.4% premium to SC's average share price since January 1, 2021. SHUSA currently owns approximately 80% of SC's outstanding shares of common stock and, if the transaction is completed, SC would become a wholly-owned subsidiary of SHUSA.

Additional information regarding SHUSA's proposal is included in a letter that SHUSA delivered to SC, which is attached to this press release.

There can be no assurance that the proposal will lead to a transaction or as to any of the terms or conditions of such transaction.

J.P. Morgan Securities LLC is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal counsel to SHUSA.