NEW YORK, June 14, 2012 /PRNewswire/ -- The Taiwan
Fund, Inc. (NYSE: TWN) (the "Fund") announced today the
expiration of its tender offer (the "Offer") to purchase up to 50%
of the Fund's issued and outstanding shares of common stock, par
value $0.01 per share (the
"Shares"). The Offer and withdrawal rights expired at
5:00 p.m., New York time on Wednesday, June 13, 2012 (the "Termination
Date").
Under the terms of the Offer, the Fund offered to purchase up to
50% of the Fund's outstanding 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 Termination Date.
Based upon current information, approximately 15,888,993 Shares,
or approximately 85.5% of the Fund's Shares, were tendered and not
withdrawn through the Termination Date, including shares tendered
pursuant to notices of guaranteed delivery. Because the
number of shares tendered exceeded 50% of the Fund's outstanding
Shares, the Fund will repurchase the maximum number of Shares
covered by the Offer (9,288,045 Shares) using the pro-ration
procedures described in the Offer to Repurchase included in the
Fund's tender offer materials provided to stockholders. The
Fund will, accept all Shares tendered by any stockholder who owns
an aggregate of not more than 99 Shares and tendered all such
Shares before pro rating the Shares tendered by other
stockholders.
The number of Shares tendered provided above is preliminary and
is subject to adjustment as the Fund verifies that all requirements
for participation have been met by each shareholder that tendered
Shares. The final number of shares validly tendered and
accepted pursuant to the Offer will be announced at a later
date. Payment for Shares properly tendered and accepted by
the Fund for repurchase in the Offer will be made as soon as
practicable after the Termination Date.
For further information regarding, 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.