At this point, he will be allowed to sell or transfer upto one-third of his shares.
Berman will be granted, will be subject to a lock-up agreement, which will restrict the sale or transfer of 100% of his shares until the one-year anniversary of the closing date. However, shares of Ally Financial’s common stock, which Mr. Per the agreement, he will receive a combination of cash and Ally Financial’s shares as his consideration.
Berman, currently owns 70% of the company. The chairman, CEO and founder of CardWorks, Don M. Per the deal, CardWorks’ subsidiary, Merrick Bank, will merge with Ally Bank. Notably, the final consideration is subject to closing equity, and other adjustments and fill-or-kill rights. Beyond the compelling strategic rationale and financial enhancements this transaction brings, CardWorks is an ideal cultural fit for Ally.”Īlly Financial is expected to fund the transaction with $1.35 billion in cash and $1.30 billion in its common stock. Brown, said, “CardWorks represents an industry-leading credit card platform in the U.S., and this acquisition serves as an important milestone in Ally's evolution to be a full-service financial provider for our customers. It is focused on the non-prime segment, with a complementary full-spectrum unsecured servicing operation, which includes third-party servicing and recovery capabilities.Īlly Financial’s CEO, Jeffrey J. Headquartered in Woodbury, NY CardWorks is a privately held U.S. The deal, which is expected to close in the third quarter of 2020, is subject to customary regulatory approvals and closing conditions.
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