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NEW YORK - Equitable Holdings, Inc. (NYSE:EQH), a prominent financial services holding company, has announced the preliminary results of its cash tender offer for AllianceBernstein Holding L.P. (NYSE:AB) units. The offer, which expired on Monday, aimed to purchase up to 46 million units at $38.50 each, amounting to a potential total of approximately $1.8 billion. AB, currently valued at $4.25 billion in market capitalization, has demonstrated strong market performance with a 22% return over the past year.
Preliminary figures indicate that 19,766,878 units were validly tendered and not withdrawn by the expiration time, including 559,614 units tendered through guaranteed delivery notices. Equitable Holdings plans to accept all properly tendered units without proration, totaling an estimated $761 million, exclusive of related fees and expenses.
This acquisition is set to increase Equitable’s economic interest in AllianceBernstein L.P., the operating partnership of AB Holding, to approximately 68.6%. The tendered units represent about 17.9% of the outstanding units as of December 31, 2024.
The final number of units purchased will be confirmed after the guaranteed delivery period and the depositary’s verification process. Payment for the accepted units is expected to occur promptly following this confirmation.
Equitable Holdings, with $1.0 trillion in assets under management and administration and over 5 million client relationships worldwide, is comprised of Equitable, AllianceBernstein, and Equitable Advisors. These entities offer a range of retirement, investment, and risk management services.
The information provided in this report is based on a press release statement and does not constitute an offer to buy or a solicitation to sell any units.
In other recent news, AllianceBernstein reported fourth-quarter earnings that exceeded analyst expectations, with revenue also showing a significant increase. The firm posted adjusted diluted net income of $1.05 per unit, surpassing the analyst consensus of $0.87 by $0.18. Revenue for the quarter was $1.26 billion, well above the $901.07 million forecasted by analysts. Despite these strong financial results, the company experienced net outflows of $4.8 billion in the fourth quarter, although this was an improvement over previous periods. For the full year 2024, total net outflows were $2.2 billion, a notable improvement from the $7.0 billion in 2023. The retail channel showed strength with net inflows of $1.1 billion in Q4 and $13.4 billion for the year, while the institutional channel faced challenges with net outflows of $6.2 billion in Q4 and $16.5 billion for the year. AllianceBernstein declared a cash distribution of $1.05 per unit, payable on March 13, 2025, to unitholders of record as of February 18, 2025. The firm’s assets under management stood at $725 billion as of December 31, 2024.
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