MADRID, July 23 /PRNewswire-FirstCall/ -- Banco Santander
S.A. ("Banco Santander", NYSE: STD) today announced the completion
of the tender offer by its wholly-owned subsidiary, Administracion
de Bancos Latinoamericanos Santander, S.L. ("ABLASA"), for all
outstanding shares of common stock of Santander BanCorp (NYSE: SBP)
not owned by ABLASA at US$12.69 per
share.
As previously announced, the offer expired at 12:00 midnight,
New York City time, on
July 22, 2010. Based on information
provided by BNY Mellon Shareowner Services, the depositary for the
tender offer, as of the close of business on the expiration date of
the tender offer, 3,660,936 Santander BanCorp shares were validly
tendered (including 93,058 shares tendered by notice of guaranteed
delivery) and not withdrawn. The tendered shares represent
approximately 7.8% of Santander BanCorp's outstanding shares of
common stock. Together with the 90.6% of the outstanding shares
already held by ABLASA, ABLASA now holds a total of approximately
45,902,274 shares or 98.4% of the 46,639,104 Santander BanCorp
shares outstanding. All Santander BanCorp shares that were validly
tendered and not withdrawn immediately prior to the expiration of
the tender offer have been accepted by ABLASA for payment. ABLASA
will purchase and pay for all such shares promptly.
ABLASA intends to promptly acquire the remaining publicly held
shares of Santander BanCorp through a short-form merger under
Puerto Rico law with the
completion of the merger anticipated to occur on or about
July 29, 2010. As a result of the
merger, any remaining shares of Santander BanCorp common stock will
be cancelled pursuant to the merger in consideration for the same
offer price of $12.69 cash paid in
the tender offer, without interest and less any required
withholding taxes (other than shares of Santander BanCorp common
stock for which appraisal rights are validly exercised under
Puerto Rico law). Upon completion
of the merger, Santander BanCorp will become a wholly owned
subsidiary of Banco Santander, its shares will cease to be traded
on the New York Stock Exchange, and Santander BanCorp will no
longer be required to file certain information and periodic reports
with the U.S. Securities and Exchange Commission.
SOURCE Banco Santander S.A.