Cannae Holdings announces preliminary results of its modified tender offer

Cannae Holdings announced preliminary results of its modified “Dutch auction” tender offer to purchase up to $200M in aggregate purchase price of its outstanding shares of common stock, par value 0.01c per share at a single per-Share price not greater than $23.75 nor less than $20.75 per share. The Offer expired at 12:00 midnight, New York City time, at the end of the day on April 1. Based on the preliminary count by Continental Stock Transfer & Trust Company, the depositary for the Offer, a total of 9,682,505 Shares were properly tendered and not properly withdrawn at or below a purchase price of $22.95 per Share, including 1,500,367 Shares that were tendered by notice of guaranteed delivery. In accordance with the terms and conditions of the Offer, and based on the preliminary count by the Depositary, Cannae expects to purchase all 9,682,505 Shares at a price of $22.95 per Share, for an aggregate cost of approximately $222.2M, excluding fees and expenses relating to the Offer. The total of 9,682,505 Shares that the Company expects to purchase represents approximately 13.4% of Cannae’s shares currently outstanding as of April 1. J.P. Morgan Securities acted as dealer manager and D. F. King & Co., acted as the information agent for the Offer.