Summary by Moomoo AI
Visa Inc. has announced an Exchange Offer allowing shareholders to exchange Class B-1 common stock for a combination of Class B-2 common stock, Class C common stock, and cash in lieu of fractional shares. The offer is detailed in a prospectus dated March 11, 2024, and is set to expire on a specified date unless extended. Shareholders participating in the offer must also enter into a Makewhole Agreement, which includes obligations related to U.S. covered litigation. The Exchange Offer is subject to certain conditions and is not guaranteed to be completed. Shareholders can withdraw their tendered shares at any time before the expiration date. The Exchange Offer is intended to provide liquidity to Class B-1 shareholders while protecting Class A and Class C shareholders from potential losses related to litigation. Visa Inc. is also undertaking to indemnify its directors and officers to the fullest extent permitted by law against liabilities that may arise from their positions.