UAM-Expiration Date Extension
Old Mutual PLC
22 September 2000
Old Mutual plc
Old Mutual Extends Tender Offer For United Asset Management
Corporation
New Expiration Date is September 25, 2000
BOSTON (September 22, 2000) - Old Mutual plc announced today
that it has extended the expiration date for its cash tender
offer for all outstanding shares of common stock of United
Asset Management Corporation (NYSE: UAM). The new
expiration date is Monday, September 25, 2000 at 5:00 p.m.
EDT.
Based upon information received from UAM, Old Mutual has
determined that all conditions to the tender offer relating
to the receipt of UAM client consents have been satisfied.
In addition, the approval of only one regulatory agency
remains to be received in order for all of the regulatory
approval conditions to the tender offer to be satisfied.
As previously announced, Old Mutual has determined, based
upon information received from UAM, that there will be no
downward price adjustment in the tender offer if the tender
offer is completed during the month of September. The
potential downward adjustment will be recomputed if the
tender offer is completed subsequent to September.
As of the previous expiration date of 5:00 p.m. EDT on
September 21, 2000, approximately 55,161,922 shares of UAM
common stock had been tendered, representing approximately
74.3% of UAM common stock on a fully-diluted basis.
The minimum tender condition will be satisfied if shares
representing a majority of UAM's outstanding common stock
(on a fully-diluted basis) are validly tendered prior to the
expiration date. If Old Mutual acquires 90% of the then
outstanding UAM common stock, Old Mutual intends to effect a
'short-form' merger as promptly as practicable following the
tender offer. However, if Old Mutual acquires less than 90%
of the then outstanding UAM common stock by means of the
tender offer or otherwise, Old Mutual will need to follow a
'long-form' merger process.
22 September 2000
Enquiries:
Old Mutual plc, London Tel: + 44 20 7569 0100
James Poole, Director Investor Relations
College Hill, London Tel: + 44 20 7457 2020
Nicholas Williams
Old Mutual, Cape Town Tel: + 27 21 509 2732
Bruce Allen, Manager, Group Media Communications
College Hill, Johannesburg Tel: + 27 11 447 3030
Kim Milnes
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