NEW YORK, May 15, 2012 /PRNewswire/ -- The Taiwan
Fund, Inc. (NYSE: TWN) (the "Fund") announced today the
commencement of a tender offer by the Fund to purchase up to 50% of
the Fund's issued and outstanding shares of common stock, par value
$0.01 per share (the "Shares"), or
9,288,045 Shares in the aggregate, for cash at a price per Share
equal to 99% of the Fund's net asset value per Share as of the
close of regular trading on the New York Stock Exchange on the
business day immediately following the day the offer expires (the
"Tender Offer"). The Tender Offer is being made on the terms
and subject to the conditions set forth in the Offer to Repurchase
and related Letter of Transmittal. The Tender Offer will
commence on May 15, 2012 and will
expire at 5:00 p.m., New York time, on June
13, 2012, unless extended (the "Termination
Date").
The Tender Offer is not conditioned upon the tender of any
minimum number of Shares. If more than 9,288,045 Shares are
properly tendered and not withdrawn prior to the Termination Date,
the Fund will purchase Shares from tendering stockholders on a
pro rata basis in accordance with the number of shares
tendered; however, the Fund will accept all Shares tendered by any
stockholder who owns an aggregate of not more than 99 Shares and
tenders all such Shares before pro rating the Shares
tendered by other stockholders.
In connection with the Tender Offer, the Fund has temporarily
suspended any repurchases of its shares of common stock in the open
market pursuant to its discount management program until on or
about 10 business days after the Termination Date, as required by
the Securities Exchange Act of 1934, as amended.
This announcement is not a recommendation, an offer to purchase
or a solicitation to sell any securities of the Fund. The
Tender Offer is being made only by an Offer to Repurchase, a
related Letter of Transmittal and other documents, which will be
filed with the Securities and Exchange Commission and mailed to
record holders on or about May 15,
2012. Stockholders of the Fund should read these documents
carefully when they receive them, as they will contain important
information about the Tender Offer. These and other filed
documents are available to investors for free both at the website
of the Securities and Exchange Commission and from the
Fund.
For further information regarding the Tender Offer or to request
additional copies of the Offer to Repurchase and the related Letter
of Transmittal, please contact AST Fund Solutions, the Fund's
information agent for this Tender Offer, at 800-591-8254 (toll
free) or 212-400-2605 (collect call). For additional information on
the Fund, including information on the Fund's holdings, visit the
Fund's website at www.thetaiwanfund.com or call 1-877-864-5056.
The Fund is a diversified closed-end investment company, which
seeks long term capital appreciation primarily through investments
in equity securities listed on the Taiwan Stock Exchange.
Shares of the Fund are listed on the New York Stock Exchange under
the ticker symbol "TWN."
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful under the securities laws of any such
state.
SOURCE The Taiwan Fund, Inc.