Wex to launch modified Dutch auction tender offer to purchase $750M in stock

Wex (WEX) announced its current intention to launch a “modified Dutch auction” tender offer to purchase up to $750M worth of common stock, par value 1c per share at a cash purchase price of not less than $148 per share nor greater than $170 per share. WEX currently expects to consummate one or more debt financings, resulting in aggregate gross proceeds of at least $750 million, to be used principally to fund the anticipated tender offer. The tender offer is currently expected to commence tomorrow, February 26 and to expire at one minute after 11:59 p.m., New York City Time, on Tuesday, March 25, unless the offer is extended or earlier terminated. The tender offer is expected to be subject to certain conditions, including a financing condition, each of which must be satisfied prior to the expiration time of the tender offer in order to ultimately consummate the tender offer.