IEG Holdings Corporation (OTCPK:IEGH) made an offer to acquire 4.99% stake in LendingClub Corporation (NYSE:LC) for $88.8 million on January 5, 2018. Under the terms, IEG Holdings will exchange its 13 shares of common stock for each share of LendingClub common stock. As on January 5, 2018, the offer was commenced.

The offer is subject to the effectiveness of the registration statement on Form S-4 and is conditioned upon that closing per share price of IEG Holdings' common stock, as quoted on the OTCQB on each day prior to termination of the offer is equal to or greater than $0.15. On December 23, 2017, Paul Mathieson, as IEG Holdings' sole Director, approved the Lending Club tender offer. As of January 9, 2018, the Board of LendingClub unanimously rejected the offer citing that the offer is inadequate.

The offer is scheduled to expire on February 22, 2018. Laura Anthony of Legal & Compliance, LLC acted as legal advisor to IEG Holdings Corporation. Computershare Trust Company, N.A. acted as the depository bank and exchange agent, while Okapi Partners LLC acted as information agent to IEG Holdings Corporation.

Skadden, Arps, Slate, Meagher & Flom LLP acted as a legal advisor to LendingClub. Baker & McKenzie LLP acted as the legal advisor to IEG Holdings on the transaction. VStock Transfer, LLC acted as the transfer agent to IEG Holdings Corporation.

IEG Holdings will pay the depository and exchange agent an aggregate of $20,000 as fees.