Fifth Third Bancorp boosts depositary shares offer (AP)
Thu, 4 Jun 2009 15:50:03 Etc/GMT
The cash available was increased to $365.5 million from $332.3 million.
The company has increased the cash consideration being offered for each set of 250 tendered and accepted Depositary Shares to $8,250 from $7,500.
The offer to exchange shares of its common stock and cash for outstanding depositary shares will expire on June 17.
Cincinnati-based Fifth Third said in May it would sell up to $750 million in common stock as part of its commitment to raise $1.1 billion in capital after the government's stress test showed the bank needed a buffer to withstand losses. Fifth Third will sell the shares from time to time through an at-the-market offering through Morgan Stanley and Merrill Lynch & Co.
Some of the proceeds will fund the cash portion of the depositary shares exchange for other corporate purposes.
Fifth Third is a diversified financial services company. As of March 31, the company had $119 billion in assets.
Its shares gained 67 cents, or 10.3 percent, to $7.19. Shares have traded between $1.01 and $21 in the past 52 weeks.
source: http://biz.yahoo.com/ap/090604/us_fifth_third_bancorp_capital.html?.v=1