Werba Reinhard Makes Firm Offer to Acquire all Loring Ward Shares for US$17.30 per Share



    SAN JOSE, CA, July 9 /CNW/ - Werba Reinhard Holdings Ltd. ("WRH"), a
wholly-owned subsidiary of Werba Reinhard, Inc. ("WRI"), has now submitted an
irrevocable, firm offer to acquire all the outstanding shares of Loring Ward
International Ltd. ("Loring Ward") for US$17.30, by way of a plan of
arrangement. The offer will be open for up to 7 Business Days from today and
WRI are pleased that Loring Ward's Special Committee of the Board of Directors
and the Board as a whole have deemed this proposal to be a Superior Proposal
under the terms of the previously announced offer by Friedman Fleischer &
Lowe, LLC ("FFL").
    WRI would like to clarify one additional significant difference between
its offer and FFL's previously announced offer. The Arrangement Agreement
dated June 13, 2008 between FFL, its affiliates and Loring Ward, states that a
break fee of US$3,000,000 and FFL's reasonable transaction related expenses
are payable to FFL should Loring Ward terminate the agreement in certain
circumstances, including as a result of a Superior Proposal. The WRI offer
does not contain a Break Fee, however, it requires the Board of Directors of
Loring Ward ("Board") to reimburse WRI for its reasonable transaction related
expenses and to declare and pay a special dividend to the Shareholders of
$1.00 per share if an Agreement is entered into with WRI and subsequently
terminated by Loring Ward in certain circumstances, including as a result of a
Superior Proposal made under the provisions of such Agreement. The special
dividend is to the equal benefit of all shareholders whereas FFL's offer and
corresponding Break Fee is only to the benefit of FFL.
    The Board of Loring Ward views this offer to be a Superior Proposal and
WRI is waiting to see if FFL will use its right to match the new offer, which
is open for acceptance by the Board within 7 business days. WRI looks forward
to FFL's response.

    About Werba Reinhard Holdings Ltd.:

    WRH, through its shareholders Eli Reinhard and Alan Werba, is believed to
be the largest beneficial shareholder of LWI. WRH believes in the continued
simplification of the Loring Ward business to better optimize the service and
solutions to the financial advisors Loring Ward serves throughout the U.S.





For further information:

For further information: Alan Werba, President and Chief Executive
Officer of WRH and WRI, (408) 260-3109, alan.werba@arcadiacompanies.com; Eli
Reinhard, Vice-President and Treasurer of WRH and WRI, (408) 963-2727,
er@arcadiacompanies.com

Organization Profile

WERBA REINHARD, INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890