Business
Satisfaction of Tender Conditions & Extension
Satisfaction of Tender Conditions & Extension.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 1915Q Titanium Asset Management Corp 10 October 2013 \n \n\nTitanium Asset Management and TAMCO Holdings, LLC announce \nSatisfaction and Waiver of Tender Conditions and Extend Tender Offer\n \nMilwaukee, WI - October 10, 2013 - Titanium Asset Management Corp. (AIM - TAM) (the \"Company\") and TAMCO Holdings, LLC (\"Parent\") announce the satisfaction and waiver of certain conditions in the tender offer, as previously announced on September 12, 2013, by TAMCO Acquisition, LLC, a wholly owned subsidiary of Parent (\"Purchaser\"), for all of the outstanding shares of common stock of the Company at a price of $1.08 per share, net to the seller in cash without interest (the \"Offer\"). Purchaser has satisfied the condition that an aggregate number of shares be tendered so that the number of shares tendered when added to the number of shares owned by Parent plus the shares to be issued in the top up option will exceed 90% of the outstanding shares of the Company. Purchaser has waived the condition that a majority of the shares held by stockholders other than Parent, Purchaser, any direct or indirect equity holder of Parent, and certain directors and executive officers of Parent and the Company or its subsidiaries be tendered in the Offer.\nPurchaser expects to satisfy the financing condition in the Offer on October 10, 2013. Accordingly, Purchaser has extended the Offer to 5:00 p.m., New York City time, on October 18, 2013, unless further extended. Stockholders who have not previously tendered their shares of Company common stock in the Offer may do so until the new expiration time.\nThe Offer was previously scheduled to expire at midnight, New York City time, on October 9, 2013. The period has been extended in order to comply with Securities and Exchange Commission (the \"SEC\") guidelines that require a tender offer to expire no less than five business days after the satisfaction or waiver of a financing condition or certain other material conditions. Upon satisfaction of the financing condition, the Company and Parent will make a further announcement confirming the satisfaction of that condition.\nThe Offer is being made pursuant to the merger agreement that the Company, Parent and Purchaser entered into and announced on September 6, 2013. All other terms and conditio...