SOUTHFIELD, Mich. — Credit Acceptance Corp. announced the preliminary results of its tender offer, which expired at 5 p.m. ET on Monday. The goal was the purchase up to 4 million shares of the company's outstanding common stock at a price of $50 per share, net to the seller in cash without interest.

Based on the preliminary count by the depositary, the total number of shares tendered in the offer was 20,954,390, which includes 15,439,266 shares tendered by Donald Foss, chairman of the board and beneficial owner of about 62.9 percent of outstanding shares and 4 million shares tendered by the trustee of certain grantor retained annuity trusts created by Foss.

Of the shares tendered, 16,422 were tendered pursuant to the guaranteed delivery procedure described in the company's Offer to Purchase. Tenders made pursuant to the guaranteed delivery procedure will be accepted upon the receipt of the related stock certificates or conformation of book entry transfer, along with any other required documentation within three business days after the notice of guaranteed delivery was delivered to the depositary.

"Based on the preliminary count, we expect to purchase 4 million properly tendered shares at $50 per share, net to the seller in cash without interest, for a total purchase price of $200 million. Because more than the maximum 4 million shares were tendered, we will purchase only a prorated portion of the shares tendered by each tendering shareholder, other than odd lot shareholders, as described in our Offer to Purchase. Based on the preliminary count, we expect the proration factor to be approximately 18.9 percent," according to the company.

The actual number of shares to be purchased and the proration factor are subject to final confirmation and the proper delivery of all shares tendered and not withdrawn, including shares tendered pursuant to the guaranteed delivery procedure, Credit Acceptance highlighted.

The actual number of shares and the proration factor will be announced promptly following the completion of the verification process. Payment for the shares accepted and the return of all shares tendered but not accepted will occur promptly after the determination of the number of shares properly tendered, according to officials.

Georgeson Inc. acted as information agent for the tender offer and Computershare Trust Co. N.A. acted as the depositary.