Current Price – $80.41;
Offer Price – $73 – $82.5;
Upside – potentially 2.6% or $207 (if the upper pricing limit is used);
Expiration date – 8 June 2016;
No proration for holders of less than 100 shares
Virtus Investment Partners, Inc. is offering to purchase for cash shares of our common stock, par value $0.01 per share, at a purchase price of not greater than $82.50 nor less than $73.00 per Share, net to the seller in cash, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions described in this Offer to Purchase and in the related Letter of Transmittal. We are offering to purchase Shares having an aggregate purchase price of up to $75,000,000. At the maximum Purchase Price of $82.50 per Share, we would purchase 909,090 Shares if the Offer is fully subscribed, which would represent approximately 11.0% of the issued and outstanding Shares as of May 6, 2016, the last full trading day before we announced our intention to make the Offer. At the minimum Purchase Price of $73.00 per Share, we would purchase 1,027,397 Shares if the Offer is fully subscribed, which would represent approximately 12.4% of our issued and outstanding Shares as of May 6, 2016.
Odd lot holders
If you own, beneficially or of record, fewer than 100 Shares in the aggregate, you properly tender all of these Shares at or below the Purchase Price and do not properly withdraw them before the Expiration Date, and you complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your Shares without subjecting them to proration.
Source and amount of funds
The tender offer is not subject to a financing condition. The maximum aggregate purchase price of Shares purchased in the Offer will be $75,000,000. We expect to fund the share purchases in the Offer from our existing cash and cash equivalents.