BUZZ-Fintech WEX jumps on tender offer plan to repurchase shares worth $750 million
Shares of fintech firm WEX WEX.N jump as much 9%; last up 6.5% at $158 in early trading
WEX says it intends to launch a so-called "modified Dutch auction" tender offer to repurchase up to $750 million worth of common stock
Such a tender offer allows shareholders to indicate how many shares and what price they wish to tender their shares
Stock will be repurchased at a price between $148 and $170 per share, WEX says
Company expects to execute one or more debt financing for gross proceeds of at least $750 million to fund the anticipated tender offer
Earlier this month, company forecast its annual profit and revenue below analysts' estimates
WEX has 38.8 million outstanding shares for $5.76 billion market cap as of last close, according to data compiled by LSEG
As of last close, shares down 15.4% YTD
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