MacAndrews & Forbes wraps Marvel tender bid

Ronald Perelman’s MacAndrews & Forbes Holdings announced Friday that it had completed its $ 30-a-share cash tender offer for 10 million common shares of subsidiary Marvel Entertainment.

The company said about 13,945,000 Marvel shares (including about 1,686,000 shares subject to guarantees of delivery) had been tendered under the offer and that 10 million of the shares had been accepted for payment in accordance with the terms of the offer.

While the definitive proration factor will not be available until after the expiration date of the guaranteed delivery period on May 13, MacAndrews & Forbes estimates that about 71.7% of all Marvel shares have been accepted for payment, assuming that all tenders using the guaranteed delivery procedures are completed.

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