Central Pacific Financial Corp (CPF) has announced it will commenced a modified “Dutch auction” tender offer to purchase for cash up to ~69mm in value of its shares of common stock, at a price not greater than $21.00 nor less than $18.50 per Share. Additionally, it will purchase ~$56mm of shares from Carlyle Financial Services Harbor, L.P. and ACMO-CPF, L.L.C. combined. If the Offer is fully subscribed, the completion of the Offer and the Share Repurchases will result in the repurchase by Central Pacific of $125mm of Shares in the aggregate. If the Offer is fully subscribed at a purchase price of $21.00, the maximum purchase price pursuant to the Offer, the completion of the Offer and the Share Repurchases will result in the repurchase by Central Pacific of ~6mm Shares, which would represent approximately 14.1% of its issued and outstanding Shares as of February 14, 2014.
