The European Equity Fund, Inc. Announces Commencement of Tender Offer
January 07 2011 - 4:32PM
Business Wire
The European Equity Fund, Inc. (NYSE: EEA) (the “Fund”)
announced the commencement of a self tender offer on the terms and
subject to the conditions set forth in the Fund’s Offer to
Repurchase and the related Letter of Transmittal, which are being
mailed to stockholders commencing today.
The Fund is offering to purchase up to 5% of its issued and
outstanding shares of common stock at a price equal to 98% of the
Fund’s net asset value (“NAV”) per share as determined by the Fund
on the next business day after the date on which the offer expires.
The Fund normally calculates its NAV per share at 11:30 a.m. New
York time on each day during which the New York Stock Exchange is
open for trading. The tender offer will terminate at 5:00 p.m.
Eastern Time on February 8, 2011, unless extended. If more than 5%
of the Fund’s outstanding shares are tendered in the offer and the
Fund purchases shares in accordance with the terms of the offer, it
will purchase shares from tendering shareholders on a pro rata
basis.
The offer is being made in accordance with the Discount
Management Program (the “Program”) approved by the Fund’s Board of
Directors in July 2010. The Program provides for up to four,
consecutive, semi-annual tender offers, each of which will be
conducted by the Fund if its shares trade at an average discount to
NAV of more than 10% during the applicable twelve-week measurement
period, as they did in the initial measurement period, which
commenced on September 1, 2010.
The tender offer referred to in this announcement will be made
only by the Offer to Repurchase and the related Letter of
Transmittal. Shareholders should read these documents carefully
when they become available to investors free of charge at the
website of the Securities and Exchange Commission (www.sec.gov).
Neither the Offer to Repurchase will be made to, nor will tenders
pursuant to the Offer to Repurchase be accepted from or on behalf
of, holders of shares in any jurisdiction in which making or
accepting the Offer to Repurchase would violate that jurisdiction’s
laws.
For more information on the tender offer, please contact the
Fund’s information agent, The Altman Group, Inc. at
1-800-884-5101.
For more information on the Fund, including the most recent
month-end performance, visit www.dws-investments.com or call (800)
349-4281.
The European Equity Fund, Inc. is a diversified, closed-end
investment company seeking long-term capital appreciation through
investment primarily (normally at least 80% of its assets) in
equity and equity-linked securities of companies domiciled in
European countries utilizing the Euro currency. Investing in
foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks. Any fund that concentrates
in a particular segment of the market will generally be more
volatile than a fund that invests more broadly.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and, once issued,
shares of closed-end funds are sold in the open market through a
stock exchange. Shares of closed-end funds frequently trade at a
discount to net asset value. The price of a fund’s shares is
determined by a number of factors, several of which are beyond the
control of the fund. Therefore, a fund cannot predict whether its
shares will trade at, below or above net asset value. There can be
no assurance that the Program will be effective in reducing the
Fund’s market discounts.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
This announcement is not a recommendation, an offer to
purchase or a solicitation of an offer to sell shares of the Fund.
The Fund is filing today with the Securities and Exchange
Commission a tender offer statement on Schedule TO and related
exhibits, including an offer to purchase, letter of transmittal,
and other related documents. Stockholders of the Fund should read
the offer to purchase and the tender offer statement on Schedule
TO, the letter of transmittal and related exhibits, as they contain
important information about the Fund’s tender offer. Stockholders
can obtain these documents free of charge from the Securities
and
Exchange Commission’s website at www.sec.gov.
or from the Fund’s information agent, The Altman Group, Inc. at
1-800-884-5101.
Certain statements contained in this release may be
forward-looking in nature. These include all statements relating to
plans, expectations, and other statements that are not historical
facts and typically use words like “expect,” “anticipate,”
“believe,” “intend,” and similar expressions. Such statements
represent management’s current beliefs, based upon information
available at the time the statements are made, with regard to the
matters addressed. All forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements.
Management does not undertake any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE
• NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY
FEDERAL GOVERNMENT AGENCY
DWS Investments is part of Deutsche Bank’s Asset Management
division and, within the US, represents the retail asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company
Americas, Deutsche Investment Management Americas Inc. and DWS
Trust Company. R-20423-2 (1/11)
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