Greenhill Announces Another Tender Offer That’s Within Our 3-Star Range
Greenhill announced a modified Dutch auction tender whose range is within our 3-star rating band. The company plans to repurchase up to $110 million worth of shares at a price between $18.50 and $20.50 based on the Dutch auction. This price range is higher than the $17 per share tender offer that Greenhill announced last September along with its recapitalization plan and revised $17.25 offer in October. Based on our current $22 fair value estimate and very high uncertainty rating for narrow moat...
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