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Dallas, July 2, 2021 /PRNewswire/ – Santander Consumer United States Holding company (New York Stock Exchange stock code:Standards Committee) (“SC” or “Company”), today announced that it has received a non-binding proposal (“Proposal”) from its major shareholder Santander Holdings United States, Inc. (“SHUSA”), to acquire all the issued common stocks of SC that are not currently part of SHUSA. The purchase price proposed by SHUSA is USD 39.00 Cash per share, subject to the conditions specified in the following letter to the SC board of directors.
According to its fiduciary duties, the board of directors established an independent special committee composed of the following persons: William Renner, William Muir with Robert McCarthy, and elected William Renner As its chairman, consider the proposal.Special committee has participated Piper Sandler & Co. acted as its independent financial adviser, and Covington & Burling LLP acted as its independent legal adviser to assist it in evaluating the proposal.
The full text of the letter received from SHUSA is as follows:
July 1, 2021
Chairman of the Board
Santander Consumer United States Holding company
Room 800, 1601 Yushu Street
Dallas, Texas 75201
Dear Bill,
Santander Holdings United States, Inc. (“SHUSA”) is pleased to submit this proposal to acquire all issued common shares of Santander Consumer United States Holdings Inc. (“Company” or “SC”) which is not currently owned by SHUSA, the purchase price is 39 USD.00 per share, at…
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