Western Asset Municipal Partners Fund Inc. and Western Asset Municipal Partners Fund II Inc. Announce Merger Timeline
July 16 2007 - 5:52PM
Business Wire
Western Asset Municipal Partners Fund Inc. (NYSE: MNP) and Western
Asset Municipal Partners Fund II Inc. (NYSE: MPT) announced today
that MPT will merge with and into MNP following the close of
business on July 20, 2007. Prior to the opening of business on July
23, 2007, MPT will cease trading on the New York Stock Exchange,
and shareholders of that Fund will become shareholders of MNP. As a
result of the merger, each share of common stock of MPT will
convert into an equivalent dollar amount (to the nearest one tenth
of one cent) of full shares of common stock of MNP, based on the
net asset value per share of each Fund calculated at 4:00 p.m. on
Friday, July 20, 2007. MNP will not issue any fractional common
shares to MPT shareholders. In lieu thereof, MNP will pay cash to
each former holder of MPT common shares in an amount equal to the
value of the fractional MNP common shares that the investor would
otherwise have received in the merger. In addition, each
outstanding MPT preferred share will be converted into one full MNP
preferred share. No sales charges or fees of any kind will be
charged to shareholders of MPT common shares or MPT preferred
shares in connection with their receipt of MNP common shares or MNP
preferred shares, respectively, in the merger. Also, except for any
cash received for fractional shares, the exchange of shares will
not be a taxable event. Western Asset Municipal Partners Fund Inc.
and Western Asset Municipal Partners Fund II Inc. are closed-end,
diversified management investment companies. Legg Mason Partners
Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc.,
serves as the Funds� investment manager and Western Asset
Management Company, an affiliate of the investment manager, serves
as the Funds� sub-adviser. For additional information, please visit
the Funds� web sites at www.LeggMason.com, or call the Investor
Relations Group at 1-888-777-0102.
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