IEGH Commences Tender Offer for 4.99% of the Common Shares of LendingClub Corporation (NYSE: LC)
- Offer to expire on February 22, 2018, and represents 4.99 percent of outstanding common shares as of October 31, 2017
- Transaction calls for exchange of 13 shares of IEG Holdings common stock for each share of LendingClub, up to an aggregate of 20.7 million shares
- IEGH sees tender offer as a solid short-term investment for its own shareholders
IEG Holdings Corporation (OTCQB: IEGH
) recently announced (http://nnw.fm/4dXAB
) that it has begun a tender offer for 4.99 percent of the common shares of LendingClub Corporation (NYSE: LC
). The offer, set to expire on February 22, 2018, is for up to an aggregate of 20,701,999 common shares. The transaction calls for the exchange of 13 shares of IEG Holdings common stock for each share of LendingClub.
IEGH believes that the offer is a solid short-term investment for its shareholders. In connection with the offer, IEG Holdings prepared a Letter of Transmittal and submitted a form S-4 with the SEC.
Las Vegas-based IEG Holdings provides $5,000 and $10,000 unsecured consumer loans under the brand name ‘Mr. Amazing Loans’ through its website, www.MrAmazingLoans.com. It is licensed and/or holds certificates of authority to originate direct consumer loans in 20 states. The company provides loans through its online application portal to residents of those states, with all loans originated, processed and serviced out of its centralized Las Vegas head office.
ACF Equity Research, on January 4, 2018, estimated that IEG Holdings revenues in 2018 will reach $2,911,000, compared to $2,135,046 actual in 2016 (http://nnw.fm/v5Tsk
). The research report noted that ACF also estimates a high 80 percent repeat loan business for the company.
) offers loans of up to $40,000 for consumers, as well as small business loans of up to $300,000. It is an online marketplace connecting borrowers and investors. It began operations in 2007.
For more information, visit the company’s website at www.InvestmentEvolution.com