Business
Second Public Offering
Second Public Offering.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n RNS Number : 3511J Ford Motor Co 29 March 2010 \n \n\nContact: John Stoll\n 313.594.1106\n [email protected]\n \nFORD ANNOUNCES SECONDARY PUBLIC OFFERING BY UAW VEBA OF WARRANTS TO PURCHASE COMMON STOCK\nDEARBORN, Mich., March 29, 2010 - Ford Motor Company (NYSE: F) announced today that the UAW Retiree Medical Benefits Trust (the \"UAW VEBA\") has commenced a secondary public offering of up to 362,391,305 warrants, each of which represents the right to purchase one share of Ford's common stock at an exercise price of $9.20 per share, subject to customary anti-dilution adjustments.\nAs previously announced, the UAW VEBA acquired the warrants from Ford on Dec. 31, 2009 as part of the consideration Ford paid pursuant to a settlement agreement under which the UAW VEBA assumed the obligation to provide retiree health care benefits to eligible active and retired UAW Ford hourly employees and their eligible spouses, surviving spouses and dependents. The warrants expire on Jan.1, 2013.\nFord will not receive any proceeds from the offering. The UAW VEBA is offering to sell all of the warrants that it holds. The UAW VEBA will receive all of the net proceeds from the offering.\nThe offering is expected to price through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager for the offering. Goldman, Sachs & Co., Barclays Capital Inc., BofA Merrill Lynch, Citi, J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated and RBS Securities Inc. are included in the underwriting syndicate.\nDeutsche Bank Securities, Inc., in its capacity as auction agent, has specified that the auction will commence at 8 a.m. EDT on March 30, 2010, and will close at 6:30 p.m. EDT on that same day. During the auction period, potential bidders will be able to place bids at any price (in increments of $0.10) at or above the minimum bid price of $3.50 per warrant. The minimum size for any bid is 1,000 warrants.\nThe auction procedures, the exercise price, expiration date and other terms of the warrants are described in the preliminary prospectus supplement referenced below.\nThe offering is being made by means of a pro...