Business
Successful Completion of Tender Offer
Successful Completion of Tender Offer.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 9452Q Titanium Asset Management Corp 21 October 2013 \n \n\nTitanium Asset Management and TAMCO Holdings, LLC Announce Successful Completion of Tender Offer \n \n \nMilwaukee, WI - October 21, 2013 - Titanium Asset Management Corp. (AIM - TAM) (the \"Company\") and TAMCO Holdings, LLC (\"Parent\") announce that TAMCO Acquisition, LLC, a wholly owned subsidiary of Parent (\"Purchaser\"), has accepted for payment all 4,759,193 shares of common stock of the Company that were validly tendered in its tender offer 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\"), as of the expiration of the Offer. The Offer expired at 5:00 p.m., New York City time, on October 18, 2013. \nThe depositary for the Offer has advised that as of 5:00 p.m., New York City time, on October 18, 2013, 4,759,193 shares of common stock of the Company had been validly tendered and not withdrawn pursuant to the Offer, including 110,000 shares tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase. The 4,759,193 tendered shares, together with 10,585,400 shares of common stock of the Company owned by Parent, represent approximately 77.7% of all issued and outstanding shares of common stock of the Company. \nPurchaser intends to exercise its top up option under the merger agreement with the Company and promptly complete a \"short form\" merger under Delaware law. The merger is expected to be completed today, October 21, 2013. As a result of the merger, any shares of Company common stock not previously tendered in the Offer will be cancelled and converted into the right to receive the same $1.08 per share in cash paid in the Offer (except for shares held by Parent, Purchaser or the Company or shares for which appraisal rights are properly demanded pursuant to Delaware law). \nFollowing the merger, the Company will be a wholly-owned subsidiary of Parent, and there will be no other shareholders of the Company. Accordingly, the Company has notified the London Stock Exchange plc of the cancellation of the admission of the Company's common stock to trading on AIM, a market operated by the London Stock Exchange plc (the \"Cancellation\"). It is anticipated that t...