IEG Holdings Corporation made an unsolicited exchange offer to acquire 9.99% in LendingClub Corporation (NYSE:LC) for $83.1 million.
On June 27, 2017, Paul Mathieson, as IEG Holdings' sole Director, approved the Lending Club tender offer. On July 3, 2017, The Board of Lending Club has unanimously concluded that the offer is inadequate and is not in the best interests of LendingClub Corporation and its stockholders and urges stockholders not to accept the offer. The offer is subject to the effectiveness of the registration statement on Form S-4. No dissenters' rights are available in connection with the offer and the offer is not subject to anti-trust approvals. On July 12, 2017, IEG Holdings Corporation commenced the tender offer which is expected to close on August 10, 2017, unless the offer is extended or earlier terminated. The acquisition would be substantially net asset per share accretive for IEG Holdings stockholders and substantially increase shareholder equity. Skadden, Arps, Slate, Meagher & Flom LLP acted as the legal advisor to LendingClub Corporation. Georgeson LLC acted as information agent to IEG Holdings Corporation. Computershare Trust Company, N.A. acted as the depository bank and exchange agent to IEG Holdings Corporation. VStock Transfer, LLC acted as transfer agent to IEG Holdings.