Morgan Stanley Asia-Pacific Fund Announces Tender Offer for 20% of its Shares
Morgan Stanley Asia-Pacific Fund, Inc. (NYSE: APF) announced today that its Board of Directors has approved a tender offer to acquire in exchange for cash up to 20 percent of the Fund's outstanding shares at a price equal to 98.5 percent of the Fund's net asset value per share as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the business day immediately following the day the offer expires (the “Tender Offer”). The Tender Offer will commence on or about March 6, 2014.
Additional terms and conditions of the Tender Offer will be set forth in its offering materials, which will be distributed to the Fund's stockholders. If more than 20 percent of the Fund's outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at a price of 98.5 percent of the Fund's net asset value per share. If the Fund's shares trade at a premium, the Tender Offer will not be conducted.
Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 550 investment professionals around the world and $373 billion in assets under management or supervision as of December 31, 2013. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.