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Gleacher & Company, Inc. Amends Price Range and Number of Shares Sought and Extends Tender Offer

^{Published on 2011-11-03 18:44:12 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Gleacher & Company, Inc. (Nasdaq: GLCH) today announced that it is amending its previously announced modified aDutch auctiona tender offer to purchase up to 10 million shares, or up to 7.84%, of its outstanding common stock at a price of not less than $1.30 and not more than $1.55 per share. Under the amended terms, the Company is now offering to purchase up to 6,000,000 shares, or up to 4.71%, of its outstanding common stock at a price of not less than $1.25 and not more than $1.35 per share. The Company is also extending the expiration date of the tender offer. The tender offer, which was previously set to expire at 5:00 p.m., New York City time, on November 2, 2011, is now set to expire at 12:00 midnight, New York City time, on November 22, 2011, unless further extended or withdrawn. The tender offer otherwise remains subject to all previously announced terms and conditions.

All stockholders will be receiving a new Letter of Transmittal. Stockholders who have already tendered shares and indicated that they would accept the final price determined by the Company in the tender offer, and do not wish to change that direction, do not need to take any action in response to the extension. Stockholders who have already tendered shares at a specified price must deliver a new Letter of Transmittal to the depositary for the tender offer in order to participate in the tender offer.

As of 5:00 p.m., New York City time, on November 2, 2011, the depositary for the tender offer advised that approximately 10,469,825 shares of Company common stock (including shares pursuant to notices of guaranteed delivery) had been tendered pursuant to the tender offer.

The Company amended the terms of the tender offer in light of the recent and ongoing developments in the global financial markets, and extended the tender offer to comply with applicable laws and to ensure that stockholders have sufficient additional time to consider the tender offer on its new terms and tender shares if they so choose.

The information agent for the tender offer is MacKenzie Partners, Inc.; the depositary is American Stock Transfer & Trust Company, LLC; and the dealer manager is Gleacher & Company Securities, Inc. Additional copies of the Offer to Purchase and other related materials may be obtained for free from the information agent by calling toll free at (800) 322-2885. Questions regarding the tender offer should also be directed to the information agent at the number above.

About Gleacher & Company, Inc.

Gleacher & Company, Inc. (Nasdaq: GLCH) is an independent investment bank that provides corporate and institutional clients with strategic and financial advisory services, including merger and acquisition, restructuring, recapitalization, and strategic alternative analysis, as well as capital raising, research based investment analysis, and securities brokerage services, and through a new subsidiary, engages in residential mortgage lending. For more information, please visit [ www.gleacher.com ].

Certain Information Regarding the Tender Offer

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell shares of the Companyas common stock. The tender is being made only pursuant to the Offer to Purchase and the related materials that the Company has distributed and will distribute to its stockholders, as they may be amended and supplemented. Stockholders can obtain free copies of these materials and other documents that the Company files with the Securities and Exchange Commission from the Commissionas website at [ www.sec.gov ]. Stockholders may also obtain free copies of these materials from MacKenzie Partners, Inc., the information agent for the tender offer, toll free at (800)322-2885. Stockholders are urged to carefully read these materials prior to making any decision with respect to the tender offer.

Forward-Looking Statements

This press release contains aforward-looking statements.a These statements are not historical facts but instead represent the beliefs of the Company regarding future events, many of which, by their nature, are inherently uncertain and outside of the Companyas control. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, statements regarding the Companyas ability to complete the tender offer at all or in the expected timeframe, the price at which the Company purchases shares pursuant to the tender offer, the number of shares the Company is able to purchase pursuant to the tender offer and other risks and factors identified from time to time in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release.