Visa to explore potential exchange offer for bank-owned shares amid stock 'overhang'

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Visa to explore potential exchange offer for bank-owned shares amid stock 'overhang'
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Visa will discuss with shareholders whether to amend its unconventional share structure as a means of resolving a potential overhang on the stock.

Visa Inc. adopted an unconventional share-class structure when it went public, and the company said Wednesday that it will discuss with shareholders whether to amend that as a means of resolving a potential overhang on the stock.

If that plan goes forward, Visa ultimately would let all shareholders vote on whether to let the banks unload some of their Class B shares before all litigation is resolved. Were banks to exchange some Class B stock for Class C stock, they would be able to sell up to a third within the first 45 days, up to two-thirds within the first 90 days, and up to the full amount after that.

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