IEG Holdings Corporation completed the acquisition of 0.11% stake in OneMain Holdings, Inc. for $10.6 million.
The transaction is conditioned upon waiting period under the Hart-Scott-Rodino Antitrust Improvements Act having expired or been terminated and registration statement on Form S-4 of which this document is a part having become effective. No dissenters' rights are available in connection with the offer. The offer has been approved by the Board of IEG. As on January 9, 2017, OneMain's Board of Directors unanimously rejected unsolicited exchange offer from IEG Holdings and determined that the offer is grossly inadequate and reckless. The Board of Directors unanimously recommended the shareholders of OneMain to reject the offer and not tender shares pursuant to the offer. The transaction is expected to close on February 6, 2017. As on February 7, 2017, IEG extended tender offer to March 27, 2017. As on March 27, 2017, IEG Holdings Corp extended tender offer to May 5, 2017. As on May 8, 2017, IEG Holdings Corp extended tender offer to June 15, 2017. No subsequent offering period will be available following the expiration of the offer. The acquisition would be substantially accretive to earnings and net asset per share for IEG Holdings stockholders. As on May 19, 2017, a Notice of Registration Statement Effectiveness was filed with SEC by IEG.
Computershare Trust Company, NA acted as depository bank and Georgeson Inc. acted as the information agent to IEG Holdings. Laura Anthony of Legal & Compliance acted as legal advisor to IEG. Joseph A. Coco and Thomas W. Greenberg of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to OneMain in the transaction. The Depository Trust Company acted as depository bank and exchange agent to IEG.
IEG Holdings Corporation (OTCPK:IEGH) completed the acquisition of 0.11% stake in OneMain Holdings, Inc. (NYSE:OMF) for $10.6 million on June 15, 2017. Under the tender offer transaction, IEG acquired 0.15 million OneMain shares in exchange for 3.034 million shares of IEG common stock. Paul Mathieson is expected to join as an IEG Holdings representative on OneMain's board of directors and management team post closing.