Boston, MA 10/17/2013 (wallstreetpr) – The India Investment Fund, a business unit of Morgan Stanley (NYSE:MS) has approved and thus announced tender offer. The company said in a news release sent to media, Wednesday, October 15. This announced is in regard to the Fund’s Board of Directors approval of the said tendering offer.
The details of the tender offer have been issued. The Funds says it’s seeking to acquire up to 10% of its shares outstanding in exchange of cash. And the proposed cash exchange is 98.5% of the Fund’s net asset per share value. This will be the value of the share at the close of trading session at the New York Stock Exchange (NYSE) on the immediate day after the expiry of the offer.
The financial institution has announced the Tender Offer to commence about October 21, 2013. The Fund has made it clear now that the announced Tender Offering will involve more that 10% outstanding shares and the shares will be purchased from tendering shareholders on what is called pro rata basis at 98.5% of the Fund’s per share value on net assets. But if shares trade at a premium, the Fund has said, the tendering offer will not take place. So there is a bit of conditional tender offer which is customary to this situation.
At the close of business on Wednesday, October 16, MS had its shares up by about 2.29% closing north $28.63 by bell time. The company has $56.07 billion in market cap as at the last trading session. The company’s shares have been on positive rally in the exchange market lately.
The financial institution together with its subsidiaries is managing assets in the region of $347 billion. And it has more than 550 professionals in its investment business segment. Together, MS has over 1,200 bank offices in countries which number about 43. And it’s seeking to be the global leader in investment management solutions for clients spanning institutions, governments and individuals.
