KCG Expects To Buyback About 23.6 Mln Shares Of Class A Common Stock At $14/shr

(RTTNews) - Independent securities firm KCG Holdings, Inc. (KCG) announced the preliminary results of its "modified Dutch auction" tender offer, which expired on June 2, 2015 at 5:00 p.m., New York City time.

Based on the preliminary count by Computershare, the depositary for the tender offer, a total of about 82.3 million shares of KCG's Class A Common Stock were properly tendered and not properly withdrawn at or below $14.00 per share, including about 9.0 million shares that were tendered by notice of guaranteed delivery.

In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, KCG expects to repurchase 23.6 million shares at $14.00 per share on a pro rata basis, except for tenders of odd lots, which will be accepted in full, for a total cost of about $330 million, excluding fees and expenses related to the tender offer.

As such, KCG has been informed by the depositary that the preliminary proration factor for the tender offer is about 28.7 percent. The shares expected to be repurchased represent about 22 percent of KCG's Class A Common Stock outstanding excluding restricted stock units as of May 7, 2015.