12:38 PM EDT, 05/06/2024 (MT Newswires) -- Visa (V) said Monday the exchange offer for its class B-1 common stock expired Friday, and the company accepted 240.7 million shares tendered in the offer.

The offer covered the exchange of class B-1 common stock for a combination of company's class B-2 common stock, class C common stock and cash in lieu of fractional shares, according to Visa.

The company said it issued 120.3 million shares of class B-2 common stock and 47.8 million shares of class C common stock in the exchange offering.

The accepted shares represent 98% of outstanding class B-1 shares, the company said.

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