NEW YORK - Wednesday, May 28th 2014 [ME NewsWire]
(BUSINESS
WIRE)-- Moody’s Corporation (NYSE:MCO) today announced an increase in
the price of its conditional open offer to acquire up to 2,650,000
equity shares of ICRA Limited (ICRA) to Rs 2,400 per equity share.
The
increase represents a premium of 20.0% to the previous offer price of
Rs 2,000 per equity share, a premium of 51.1% to the closing stock price
of ICRA Limited on February 21, the last trading day before the offer
announcement, and a premium of 46.6% to ICRA’s all-time closing high
price on the National Stock Exchange of India Limited before the offer
announcement.
The price increase will be the only and final
revision to the offer price, and the offer remains conditional on
Moody’s acquiring at least 2,149,101 equity shares, which would increase
Moody’s ownership stake from 28.5% to just over 50.0%.
“We are
committed to the successful completion of our open offer to ICRA
shareholders,” said Raymond McDaniel, President and Chief Executive
Officer of Moody's. “Our increased offer price reflects our desire to
maximize investor participation in the offer.”
The offer will
open on Tuesday, June 3 and close on Monday, June 16. The revised
schedule of activities is indicated in the Letter of Offer which has
been dispatched to the shareholders of ICRA.
Further details can
be found in the corrigendum to the public announcement, detailed public
statement and letter of offer available at www.sebi.gov.in,
www.bseindia.com, and www.nseindia.com.
ABOUT MOODY'S CORPORATION
Moody's
is an essential component of the global capital markets, providing
credit ratings, research, tools and analysis that contribute to
transparent and integrated financial markets. Moody's Corporation
(NYSE:MCO) is the parent company of Moody's Investors Service, which
provides credit ratings and research covering debt instruments and
securities, and Moody's Analytics, which offers leading-edge software,
advisory services and research for credit and economic analysis and
financial risk management. The Corporation, which reported revenue of
$3.0 billion in 2013, employs approximately 8,500 people worldwide and
maintains a presence in 31 countries. Further information is available
at www.moodys.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Certain
statements contained in this release are forward-looking statements and
are based on future expectations, plans and prospects for Moody’s
business and operations that involve a number of risks and
uncertainties. Moody’s outlook for 2014 and other forward-looking
statements in this release are made as of April 25, 2014, and the
Company disclaims any duty to supplement, update or revise such
statements on a going-forward basis, whether as a result of subsequent
developments, changed expectations or otherwise. In connection with the
“safe harbor” provisions of the Private Securities Litigation Reform Act
of 1995, the Company is identifying certain factors that could cause
actual results to differ, perhaps materially, from those indicated by
these forward-looking statements. Those factors, risks and uncertainties
include, but are not limited to, the current world-wide credit market
disruptions and economic slowdown, which is affecting and could continue
to affect the volume of debt and other securities issued in domestic
and/or global capital markets; other matters that could affect the
volume of debt and other securities issued in domestic and/or global
capital markets, including credit quality concerns, changes in interest
rates and other volatility in the financial markets; the uncertain
effectiveness and possible collateral consequences of U.S. and foreign
government initiatives to respond to the economic slowdown; concerns in
the marketplace affecting our credibility or otherwise affecting market
perceptions of the integrity or utility of independent agency ratings;
the introduction of competing products or technologies by other
companies; pricing pressure from competitors and/or customers; the
impact of regulation as an NRSRO, the potential for new U.S., state and
local legislation and regulations, including provisions in the
Dodd-Frank Wall Street Reform and Consumer Protection Act and
anticipated regulations resulting from the law; the potential for
increased competition and regulation in the EU and other foreign
jurisdictions; exposure to litigation related to our rating opinions, as
well as any other litigation to which the Company may be subject from
time to time; provisions in the Dodd-Frank Act legislation modifying the
pleading standards, and EU regulations modifying the liability
standards, applicable to credit rating agencies in a manner adverse to
rating agencies; provisions of EU regulations imposing additional
procedural and substantive requirements on the pricing of services; the
possible loss of key employees; failures or malfunctions of our
operations and infrastructure; any vulnerabilities to cyber threats or
other cybersecurity concerns; the outcome of any review by controlling
tax authorities of the Company’s global tax planning initiatives; the
outcome of those legacy tax matters and legal contingencies that relate
to the Company, its predecessors and their affiliated companies for
which Moody’s has assumed portions of the financial responsibility; the
ability of the Company to successfully integrate acquired businesses;
currency and foreign exchange volatility; a decline in the demand for
credit risk management tools by financial institutions; and other risk
factors as discussed in the Company’s annual report on Form 10-K for the
year ended December 31, 2013 and in other filings made by the Company
from time to time with the Securities and Exchange Commission.
Contacts
Moody’s Corporation
MEDIA:
Michael Adler, 212-553-4667
Senior Vice President
Corporate Communications
michael.adler@moodys.com
INVESTOR RELATIONS:
Salli Schwartz, 212-553-4862
Global Head of Investor Relations
sallilyn.schwartz@moodys.com
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