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LendingClub gets unsolicited offer from IEG for 9.99 pct stake
July 7, 2017 / 8:48 PM / 5 months ago

LendingClub gets unsolicited offer from IEG for 9.99 pct stake

July 7 (Reuters) - LendingClub Corp said it had received an unsolicited offer from IEG Holdings Corp to buy a 9.99 percent stake in the online lender.

IEG’s proposal offers two shares for each LendingClub share, and is at a 38 percent discount to LendingClub’s Thursday’s close.

LendingClub, one of the largest peer-to-peer lenders, runs a website where consumers apply for loans funded by individual or institutional investors.

The online lender urged its stockholders to ignore the offer, if and when made.

IEG is a short-term investor trying to make a profit at the expense of LendingClub investors, LendingClub said in a statement on Friday.

Las Vegas-based IEG offers personal loans online under the brand “Mr.Amazing Loans.” (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)

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