Why Altice Stock Soared Today
Shares of Altice (NYSE: ATUS) have soared as much as 10% today after the company announced a tender offer to repurchase shares. The company is looking to buy back $2.5 billion worth of stock.
The tender offer will be conducted as a modified "Dutch auction," and Altice is offering between $32.25 to $36 per Class A share. The telecommunications company will end up buying back 19.6% to 21.9% of total Class A shares outstanding if it is fully subscribed by investors. When including super-voting Class B shares held by Founder Patrick Drahi, Altice would repurchase 12.8% to 14.3% of all outstanding shares if the deal is fully subscribed.
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Source Fool.com
