PHH Corp. announces final results of modified Dutch auction tender
PHH Corporation announced the final results of its modified "Dutch auction" tender offer, which expired at 12:01 a.m., New York City time, on Monday, September 11, 2017. Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, PHH accepted for payment an aggregate of 18,762,962 shares of PHH's common stock at a purchase price of $14.25 per share, for an aggregate cost of $267,372,201, excluding fees and expenses relating to the tender offer. The shares of common stock accepted for purchase include 18,666,666 shares that the company initially offered to purchase for up to $266,000,000 and 96,296 additional shares that the company has elected to purchase for the remaining balance pursuant to its right to purchase up to an additional 2% of its outstanding shares without amending or extending the tender offer. The shares purchased represent approximately 36.6% of PHH's common stock issued and outstanding as of September 11, 2017.