Butterfield Cautions Shareholders Regarding New York Stock and Bond LLC Mini-Tender Offer for Shares
July 15 2022 - 4:30PM
Business Wire
The Bank of N.T. Butterfield & Son Limited (“Butterfield”)
(NYSE: NTB | BSX: NTB.BH) has been notified of an unsolicited offer
made by New York Stock and Bond LLC to purchase up to 50,000 of
Butterfield’s ordinary shares, or approximately 0.1% of shares
outstanding, at a price of $21.00 per share.
Butterfield cautions shareholders that the mini-tender offer has
been made at a price below the current market price for Butterfield
shares. The offer represents a discount of approximately 34% below
the closing price on the NYSE on July 14, 2022. Butterfield does
not recommend or endorse acceptance of this unsolicited mini-tender
offer and is not associated in any way with New York Stock and Bond
LLC, its mini-tender offer or the offer documentation.
Mini-tender offers are designed to seek not more than 5% of a
company's outstanding shares, thereby avoiding disclosure and
procedural requirements applicable to most bids under U.S.
securities regulations. The U.S. Securities and Exchange Commission
(the “SEC”) has expressed concerns about mini-tender offers,
including the possibility that investors might tender to such
offers without understanding the offer price relative to the actual
market price of their securities.
The SEC has cautioned investors about these offers, noting that
“some bidders make mini-tender offers at below-market prices,
hoping that they will catch investors off guard if the investors do
not compare the offer price to the current market price.” The SEC's
guidance to investors on mini-tenders is available at
https://www.sec.gov/rules/interp/34-43069.htm.
Shareholders should carefully review the offer documentation,
obtain current market quotations for their shares, consult with
their broker or financial advisor, and exercise caution with
respect to New York Stock and Bond LLC’s mini-tender offer.
Butterfield requests that a copy of this news release be included
with all distributions of materials related to New York Stock and
Bond LLC’s mini-tender offer for Butterfield's ordinary shares.
About Butterfield:
Butterfield is a full-service bank and wealth manager
headquartered in Hamilton, Bermuda, providing services to clients
from Bermuda, the Cayman Islands, Guernsey and Jersey, where our
principal banking operations are located, and The Bahamas,
Switzerland, Singapore and the United Kingdom, where we offer
specialized financial services. Banking services comprise deposit,
cash management and lending solutions for individual, business and
institutional clients. Wealth management services are composed of
trust, private banking, asset management and custody. In Bermuda,
the Cayman Islands and Guernsey, we offer both banking and wealth
management. In The Bahamas, Singapore and Switzerland, we offer
select wealth management services. In the UK, we offer residential
property lending. In Jersey, we offer select banking and wealth
management services. Butterfield is publicly traded on the New York
Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange
(symbol: NTB.BH). Further details on the Butterfield Group can be
obtained from our website at: www.butterfieldgroup.com.
BF-All
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Investor Relations Contact: Noah Fields Investor
Relations The Bank of N.T. Butterfield & Son Limited Phone :
(441) 299 3816 E-mail : noah.fields@butterfieldgroup.com Media
Relations Contact: Nicky Stevens Group Strategic Marketing
& Communications The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624 Cellular: (441) 524 4106 E-mail:
nicky.stevens@butterfieldgroup.com
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