LAS VEGAS, NV -- (Marketwired) -- 06/16/17 -- IEG Holdings Corporation (OTCQB: IEGH) ("IEG Holdings") announces the successful closure of the OneMain Holdings, Inc. ("OneMain") tender offer with 151,994 OneMain shares acquired on June 15, 2017 (valued at an aggregate of $3.6 million based on the closing price of shares of OneMain common stock of $23.38 on June 15, 2017) in exchange for 3,039,880 shares of IEG Holdings common stock.
Paul Mathieson, IEG Holdings' Chairman and Chief Executive Officer, said, "We are very pleased with the result of the OneMain tender offer. It is encouraging that so many OneMain shareholders share in our online vision and have the confidence to exchange their shares from a company with a market capitalization of over $3 billion to an emerging online consumer finance leader."
IEG Holdings sent a letter to OneMain's Board of Directors today with the following requests:
i) Appoint Paul Mathieson as an IEG Holdings representative on OneMain's board of directors,
ii) Appoint Paul Mathieson as an IEG Holdings representative on OneMain's management team,
iii) Implement substantial cost cuts, and
iv) Implement a new and improved online strategy.
In our role as activist investor, IEG Holdings intends to:
About IEG Holdings Corporation
IEG Holdings Corporation provides online $5,000 and $10,000 unsecured consumer loans under the brand name, "Mr. Amazing Loans," via its website, www.mramazingloans.com. For more information about IEG Holdings, visit www.investmentevolution.com.
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IEG Holdings Corporation
Chairman/CEO and Founder
Source: IEG Holdings Corp.