Open Lending and ANV Announce Results of Tender Offer
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending”) and ANV Group Holdings Ltd. (“ANV”), a global insurance intermediary platform, today announced the results of ANV’s tender offer for any and all of the outstanding shares of Open Lending common stock (the “Shares”) at a price of $3.15 per Share. Equiniti Trust Company, LLC, the depositary and paying agent for the tender offer, has reported that, as of the expiration of the tender offer at one minute after 11:59 p.m. (New York City time) on July 27, 2026, 101,348,383 Shares have been validly tendered and not validly withdrawn, representing approximately 85.65% of the issued and outstanding Shares. All of the conditions to consummate the tender offer have been satisfied. On July 28, 2026, Lakers Acquisition Sub, Inc., a wholly-owned subsidiary of ANV (“Purchaser”), accepted for payment, and will promptly pay for, all Shares validly tendered pursuant to the tender offer and not validly withdrawn.
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As previously announced, ANV intends to effect a merger, without a vote of the stockholders of Open Lending, in accordance with Section 251(h) of the General Corporation Law of the State of Delaware (the “DGCL”). At the effective time of the merger, each issued and outstanding share of Open Lending common stock, that was not tendered and accepted pursuant to the tender offer (other than (i) Shares owned by Open Lending or any direct or indirect wholly-owned subsidiary of Open Lending, (ii) Shares owned by ANV, Purchaser or any direct or indirect wholly-owned subsidiary of ANV or Purchaser or (iii) Shares that are held by stockholders who are entitled to demand and have properly exercised and perfected their respective demands for appraisal for such Shares in accordance with Section 262 of the DGCL) will thereupon be canceled and automatically converted into the right to receive cash in an amount equal to the tender offer consideration of $3.15 per Share, without interest, from Purchaser, less any applicable tax withholding. Open Lending and Purchaser expect to consummate the merger on July 30, 2026.
