Davis Polk advised the dealer managers in connection with a “modified Dutch auction” cash tender offer by Santander Consumer USA Holdings Inc. for 17,514,707 of its shares of common stock at a purchase price of $26 per share, which were acquired for an aggregate purchase price of approximately $455 million. The purchased shares represent approximately 5.2% of the company’s shares outstanding as of March 3, 2020.
Headquartered in Dallas, Texas, Santander Consumer USA Holdings is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to its more than 2.9 million customers across the full credit spectrum.
The Davis Polk corporate team included partner John B. Meade and associates Ida Araya-Brumskine and Stephen A. Byeff. Partner William A. Curran provided tax advice. All members of the Davis Polk team are based in the New York office.