BALTIMORE, Aug. 12 /CNW/ -- Legg Mason, Inc. (NYSE: LM) today announced
the final results of its offer to exchange its Equity Units in the form of
Corporate Units (the "Units"). Legg Mason offered to exchange up to
21,850,000, or 95%, of its outstanding Units for 0.8881 of a share of Legg
Mason's common stock and $6.25 in cash per Unit. There are currently
23,000,000 Units outstanding. The exchange offer for the units expired at
12:01 a.m., New York City time, on August 12, 2009.
Legg Mason has been advised by the information and exchange agent that
approximately 20,939,212 Units, or about 91.04 percent of the outstanding
Units, had been tendered as of the expiration of the exchange offer, including
Units tendered via the "Notice of Guaranteed Delivery", all of which were
accepted for exchange by Legg Mason. In accordance with the terms of the
offer, Legg Mason will exchange approximately 18.6 million shares of its
common stock and approximately $131 million of cash, including cash paid in
lieu of fractional shares, for the tendered Units. The consideration for the
accepted Units will be delivered promptly to tendering holders by the
information and exchange agent. After the consummation of the exchange offer,
approximately 2,060,788 Units will remain outstanding.
Citi is acting as lead dealer manager and structuring agent. BofA
Merrill Lynch and J.P. Morgan are acting as co-managers, and MacKenzie
Partners, Inc. is the information and exchange agent for the exchange offer.
Additional information regarding the exchange offer, including answers to
questions regarding the payment of the exchange consideration, may be obtained
at no charge from the information agent at 212-929-5500 or 800-322-2885
(toll-free) or Citi at 212-723-7179, attention Guy Seebohm.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of Legg Mason
common stock in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction.
About Legg Mason
Legg Mason is a global asset management firm, with $657 billion in assets
under management as of June 30, 2009. The Company provides active asset
management in many major investment centers throughout the world. Legg Mason
is headquartered in Baltimore, Maryland. Its common stock and the Corporate
Units are listed on the New York Stock Exchange under the symbols "LM" and
For further information:
For further information: Investor Relations: Alan Magleby,
+1-410-454-5246, or Media: Mary Athridge, +1-212-805-6035, both of Legg Mason
Web Site: http://www.leggmason.com