American International Group (AIG) said that the US Department of the Treasury has set an offer price of 30.50 per share for its 163,934,426 shares.
The recent move to offload the AIG’s share is a step ahead to free the money, it invested in the underwriter and to counter mounting criticism for infusing taxpayers money to rescue financial firms including insurance and banks.
AIG has decided to buy 98,360,656 shares of AIG common stock in the offering at the public offering price for a cumulative amount of nearly $3bbn.
BofA Merrill Lynch, Barclays Capital, Citigroup Global Markets, Credit Suisse Securities (USA), Deutsche Bank Securities, Goldman, Sachs & Co, JP Morgan Securities, Macquarie Capital (USA), Morgan Stanley & Co, UBS Securities, and Wells Fargo Securities, have been retained as joint bookrunners for the offering.
AIG trades in more than 130 geographies across the globe and offers commercial, institutional, and individual customers with a wide range of underwriting products.