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Estee Lauder Traces to be exchanged for cash
New York, April 19 - The seller of the stock underlying the Estee Lauder Traces (Trust Automatic Common Exchange Securities) has opted to exchange the convertibles for cash on May 23.
The announcement was made on behalf of the Estee Lauder Automatic Common Exchange Security Trust II which issued the securities.
Holders will receive a cash amount based on the average closing price for the 20 trading days ending May 22 of The Estee Lauder Cos. Inc. class A common stock.
The securities could also have been settled for stock.
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