Important Change to Previously-Announced Tender Offer by Lazard World Dividend & Income Fund
May 31 2019 - 9:43AM
Business Wire
Lazard World Dividend & Income Fund, Inc. (NYSE: LOR)
today announced that its Board of Directors (the "Board") has
approved an important change to the one-time tender offer
previously announced by press release dated February 19, 2019 (the
"Offer"). The Offer will now no longer be conditioned upon the
prior approval by stockholders of each of LOR and Lazard Global
Total Return and Income Fund, Inc. (NYSE: LGI) (together
with LOR, the "Funds") of the proposed reorganization of LOR into
LGI, and the Offer will commence within the time period from
mid-June through July 2019 and will expire twenty business days
after its commencement. A further press release will be issued upon
commencement of the Offer.
The Board did not approve any other changes to the terms of the
Offer, as previously announced—that is, LOR will acquire, in
exchange for cash, up to 20% of LOR's outstanding shares of common
stock at a price equal to 98% of LOR's net asset value ("NAV") per
share as of the close of regular trading on the New York Stock
Exchange on the business day immediately following the day the
Offer expires. If more than 20% of LOR's outstanding shares of
common stock are tendered in the Offer, LOR will purchase its
shares from tendering stockholders on a pro rata basis at a price
of 98% of LOR's NAV per share. Additional terms and conditions of
the Offer will be set forth in LOR's Offer to Purchase, which will
be distributed to LOR stockholders of record upon the commencement
of the Offer.
This press release is for informational purposes only and is not
a recommendation, an offer to purchase or the solicitation of an
offer to sell any shares of LOR. The Offer will be made, and LOR
stockholders will be notified, in accordance with the Securities
Exchange Act of 1934, as amended, the Investment Company Act of
1940, as amended, and other applicable laws and regulations. None
of LOR, its Board of Directors or Lazard Asset Management LLC
("LAM"), the Funds' investment manager, is making any
recommendation to LOR stockholders as to whether to tender or
refrain from tendering their shares in the Offer. LOR stockholders
must make their own decision as to whether to tender their shares
and, if so, how many shares to tender. The purchase of shares
tendered by participating LOR stockholders pursuant to the Offer
will generally have U.S. federal income tax consequences.
An indirect subsidiary of Lazard Ltd (NYSE: LAZ), LAM offers a
range of equity, fixed-income, and alternative investment products
worldwide. As of April 30, 2019, LAM and affiliated asset
management companies in the Lazard Group managed $239.6 billion
worth of client assets. For more information about LAM, please
visit www.LazardAssetManagement.com. Follow LAM at
@LazardAsset.
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version on businesswire.com: https://www.businesswire.com/news/home/20190531005362/en/
Media:Hillary Yaffe, +1 212 632
6528hillary.yaffe@lazard.comInvestor:Ben Wulfsohn, +1 800 823
6300ben.wulfsohn@lazard.com
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