Deals
Canyon Capital Opposes Santander Consumer Buyback Plan
- Investor wants auto lender to boost tender offer price
- Investment firm is company’s second largest shareholder
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The second-largest investor in Santander Consumer USA Holdings Inc. plans to come out against the auto lender’s proposed $1 billion tender offer for its own shares, arguing it should increase the proposed price, according to people familiar with the matter.
Canyon Capital Advisors, which owns a 4.1% stake in Santander Consumer, intends to come out against offer, arguing it also provides significant benefits to parent company Banco Santander SA while inadequately compensating minority holders, the people said, asking not to be identified because the matter is private.