NEW YORK–(BUSINESS WIRE)–Lazard World Dividend & Income Fund, Inc. (NYSE: LOR) today
announced that its Board of Directors (the “Board”) has approved an
important change to the one-time tender offer previously announced by
press release dated February 19, 2019 (the “Offer”). The Offer will now
no longer be conditioned upon the prior approval by stockholders of each
of LOR and Lazard Global Total Return and Income Fund, Inc. (NYSE:
LGI) (together with LOR, the “Funds”) of the proposed reorganization
of LOR into LGI, and the Offer will commence within the time period from
mid-June through July 2019 and will expire twenty business days after
its commencement. A further press release will be issued upon
commencement of the Offer.
The Board did not approve any other changes to the terms of the Offer,
as previously announced—that is, LOR will acquire, in exchange for cash,
up to 20% of LOR’s outstanding shares of common stock at a price equal
to 98% of LOR’s net asset value (“NAV”) per share as of the close of
regular trading on the New York Stock Exchange on the business day
immediately following the day the Offer expires. If more than 20% of
LOR’s outstanding shares of common stock are tendered in the Offer, LOR
will purchase its shares from tendering stockholders on a pro rata basis
at a price of 98% of LOR’s NAV per share. Additional terms and
conditions of the Offer will be set forth in LOR’s Offer to Purchase,
which will be distributed to LOR stockholders of record upon the
commencement of the Offer.
This press release is for informational purposes only and is not a
recommendation, an offer to purchase or the solicitation of an offer to
sell any shares of LOR. The Offer will be made, and LOR stockholders
will be notified, in accordance with the Securities Exchange Act of
1934, as amended, the Investment Company Act of 1940, as amended, and
other applicable laws and regulations. None of LOR, its Board of
Directors or Lazard Asset Management LLC (“LAM”), the Funds’ investment
manager, is making any recommendation to LOR stockholders as to whether
to tender or refrain from tendering their shares in the Offer. LOR
stockholders must make their own decision as to whether to tender their
shares and, if so, how many shares to tender. The purchase of shares
tendered by participating LOR stockholders pursuant to the Offer will
generally have U.S. federal income tax consequences.
An indirect subsidiary of Lazard Ltd (NYSE: LAZ), LAM offers a range of
equity, fixed-income, and alternative investment products worldwide. As
of April 30, 2019, LAM and affiliated asset management companies in the
Lazard Group managed $239.6 billion worth of client assets. For more
information about LAM, please visit www.LazardAssetManagement.com.
Follow LAM at @LazardAsset.
Contacts
Media:
Hillary Yaffe, +1 212 632 6528
[email protected]
Investor:
Ben
Wulfsohn, +1 800 823 6300
[email protected]
