Commerce Bancshares tendered all 411,723 Visa Class B-2 shares in Visa's exchange offer, potentially recording a significant gain in Q2 2026, offset by possible losses from debt securities sales.
Key takeaways
Owns 411,723 shares of Visa Class B-2 common stock, carried at zero value as of March 31, 2026.
Tendered all shares on April 13, 2026, in Visa's exchange offer for Class B-3 and Class C stock.
If accepted in Q2 2026, expects significant gain from Class C conversion privilege based on Visa Class A closing price.
May sell portion of available for sale debt securities portfolio, resulting in significant loss in Q2 2026.
Visa details in Schedule TO and Prospectus filed April 6, 2026.
Press release in Exhibit 99.1 dated April 27, 2026.