Independence Holding Company Announces the Preliminary Results of Its Tender Offer to Repurchase up to 1,000,000 Shares of Its Common Stock

STAMFORD, Conn., May 21, 2020 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE: IHC) (“IHC” or the “Company”) announced today the preliminary results of its tender offer to purchase up to 1,000,000 shares of its common stock at a price per share of $27.00, net to the seller in cash, without interest, less any applicable withholding taxes, which expired at 5:00 p.m., Eastern time, on May 21, 2020. Based on the preliminary count by Broadridge Corporate Issuer Solutions, Inc., the Depositary for the tender offer, approximately 36,615 shares of common stock were properly tendered and not withdrawn. Accordingly, IHC expects to accept for purchase a total of 36,615 shares at a purchase price of $27.00 per share, for an aggregate purchase price of $988,605.

The number of shares tendered and not withdrawn are preliminary and are subject to verification by the Depositary and the proper delivery of all shares tendered (including shares tendered pursuant to guaranteed delivery procedures). The actual number of shares validly tendered and not withdrawn will be announced following completion of the verification process, which is expected to be completed on or around May 26, 2020. Promptly after such announcement, the Depositary will issue payment for the shares validly tendered and accepted under the tender offer.

As of May 21, 2020, IHC had 14,785,565 shares of common stock outstanding. After giving effect to the results of the tender offer, IHC expects to have approximately 14,748,950 shares of common stock outstanding. 

IHC remains committed to returning capital to its stockholders through its previously announced share repurchase program. Based on the preliminary results described above, IHC estimates that after the expiration of the tender offer, it may continue to repurchase up to 1,667,725 shares of its common stock under its current repurchase program commencing ten business days after the expiration of the tender offer. Under the repurchase program, IHC may repurchase its shares from time to time in the open market or in privately negotiated transactions. The amount and timing of any repurchases will depend on a number of factors, including, without limitation, the Company’s results of operations, financial position and capital requirements, business and market conditions, including the price of shares of its common stock, and legal, tax, regulatory and contractual constraints or restrictions.