BrightSphere Investment (BSIG) Announces Preliminary Results of Its Tender Offer

December 7, 2021 8:13 AM EST

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BrightSphere Investment Group Inc. (NYSE: BSIG) today announced the preliminary results of its tender offer, which expired at 5:00 P.M., New York City time, on Monday, December 6, 2021, to purchase for cash up to 33,300,000 shares of its common stock at a purchase price of $31.50 per share.

Based on the preliminary count by Computershare Trust Company, N.A., the Depositary for the tender offer, a total of approximately 67,884,024 shares of BrightSphere’s common stock were properly tendered and not properly withdrawn. BrightSphere expects to purchase approximately 34,917,532 shares of common stock in the tender offer, which amount includes approximately 1,617,532 shares that BrightSphere elected to purchase pursuant to its right to purchase up to an additional 2% of its outstanding common stock. Due to the oversubscription of the tender offer, BrightSphere expects to purchase on a pro rata basis approximately 51.3% of the shares of common stock tendered (other than “odd lot” holders, whose shares will be purchased on a priority basis).

In accordance with the terms and conditions of the tender offer and based on a preliminary count by the Depositary, BrightSphere expects to purchase these shares of common stock for a total cost of approximately $1.1 billion, excluding fees and expenses relating to the tender offer. The shares of common stock expected to be purchased represent approximately 43% of BrightSphere’s total outstanding shares as of December 6, 2021. As previously disclosed, following the consummation of the tender offer and related transactions, funds managed by Paulson & Co. Inc. and its affiliates will hold less than 20% of BrightSphere’s outstanding stock.

The number of shares expected to be purchased in the tender offer is preliminary and subject to change. The final number of shares to be purchased in the tender offer and the final aggregate purchase price will be announced following the completion of the confirmation process by the Depositary. Payment for the shares accepted for purchase pursuant to the tender offer will occur promptly thereafter.

The Company’s tender offer was made pursuant to an Offer to Purchase and Letter of Transmittal, each dated November 4, 2021, as amended and supplemented on November 8, 2021.

Citigroup Global Markets Inc. and RBC Capital Markets, LLC acted as the Dealer Managers for the tender offer. Georgeson LLC acted as the Information Agent for the tender offer. All inquiries about the tender offer should be directed to Citigroup Global Markets Inc. toll-free at 1-877-531-8365, RBC Capital Markets, LLC toll-free at 1-877-381-2099 or Georgeson LLC toll-free at 1-888-607-9252.

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