| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Sotheby’s > News item |
Sotheby’s begins change-of-control offer for 4 7/8% notes due 2025
By Sarah Lizee
Olympia, Wash., Sept. 10 – Sotheby's launched a change-of-control offer for any and all of its 4 7/8% senior notes due 2025, according to a press release.
On June 16, BidFair USA LLC, BidFair MergeRight Inc. and Sotheby's entered into an agreement and plan of merger, under which BidFair MergeRight will be merged with and into Sotheby's, with Sotheby's surviving as an indirect subsidiary of BidFair Holdco, which is controlled by Patrick Drahi.
Following the execution of the acquisition agreement on Sept. 5, the holders of shares representing a majority of all votes entitled to be cast in the matter voted in favor of the proposal to adopt the acquisition agreement.
As a result, the stockholder approval required to consummate the acquisition was obtained.
BidFair MergeRight is conducting the change-of-control offer in connection with the acquisition.
The offer is conditioned on the concurrent closing of the acquisition and satisfaction or waiver of other conditions.
The change-of-control offer is scheduled to expire at 5 p.m. ET on Oct. 10.
The consideration offered for each $1,000 principal amount of notes validly tendered prior to the expiration date is equal to $1,010. Holders will also receive accrued interest.
Tenders may be validly withdrawn until the expiration date.
BNP Paribas Securities Corp. (888 210-4358 toll free, 212 841-3059 collect, dl.us.liability.management@us.bnpparibas.com) is acting as dealer manager and D.F. King & Co., Inc. (212 269-5550, 800 309-2984 toll free, sothebys@dfking.com) is acting as tender agent.
Sotheby’s is a New York-based auction house.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.