SAN FRANCISCO, Aug. 6 /PRNewswire-FirstCall/ -- The Charles Schwab
Corporation announced today the final results of its modified "Dutch
Auction" tender offer, which expired at 12:00 midnight, Eastern Time, on
Tuesday, July 31, 2007. Schwab has accepted for purchase 84 million shares
of its common stock at a price of $20.50 per share, totaling $1.7 billion.
The final proration factor for the offer is 90.5%. The depositary will
promptly pay for the shares accepted for purchase and will promptly return
the shares it does not accept for purchase to the tendering stockholders at
the company's expense.
Under a previously disclosed Stock Purchase Agreement with Charles R.
Schwab, the company's Chairman and Chief Executive Officer and its largest
stockholder, and certain additional stockholders whose shares Mr. Schwab is
deemed to beneficially own, the company also agreed to purchase 18 million
shares at a price of $20.50 per share for a total of $369 million. Mr.
Schwab will maintain the same beneficial ownership interest in the
company's outstanding common stock that he currently has.
After the completion of the tender offer and the purchase of shares
under the Stock Purchase Agreement, the company will have purchased a total
of 102 million shares for $2.1 billion. These shares represent about 8% of
the company's common shares outstanding.
The company has $446 million remaining under an existing Board stock
repurchase authorization. SEC rules prohibit the Company from purchasing
any shares, other than in the tender offer, for at least ten business days
after the expiration of the tender offer.
Shareholders and investors who have questions or need information about
the tender offer may contact D.F. King & Co., Inc. at 1-800-659-6590.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of
financial services, with more than 300 offices and 6.9 million client
brokerage accounts, 1.1 million corporate retirement plan participants,
177,000 banking accounts, and $1.4 trillion in client assets. Through its
operating subsidiaries, the company provides a full range of securities
brokerage, banking, money management and financial advisory services to
individual investors and independent investment advisors. Its broker-dealer
subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org),
and affiliates offer a complete range of investment services and products
including an extensive selection of mutual funds; financial planning and
investment advice; retirement plan and equity compensation plan services;
referrals to independent fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based investment
advisors through its Schwab Institutional division. The Charles Schwab
Bank, N.A. (member FDIC) provides banking and mortgage services and
products. CyberTrader(R), Inc. (member SIPC, http://www.sipc.org) is an
electronic trading technology and brokerage firm providing services to
highly active, online traders. More information is available at
http://www.schwab.com.
SOURCE Charles Schwab
 back to top
Related links:
http://www.schwab.com
CONTACT:
Media, Greg Gable, +1-415-636-5847, or
Investors-Analysts, Rich Fowler, +1-415-636-9869, both Charles
Schwab
|
