American Express Completes Tender Offer in Acquisition of SierraCities.com Inc.Business Editors NEW YORK--(BUSINESS WIRE)--March 27, 2001 American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Company today announced that the $5.68 per share cash tender offer conducted by one its subsidiaries for all outstanding shares of common stock of SierraCities.com Inc. expired, as scheduled, at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Monday, March 26, 2001. Based on a preliminary count, 17,912,393 shares of SierraCities.com Inc. were tendered and accepted for payment (including shares guaranteed for delivery), representing approximately 94.7% of the total outstanding shares of SierraCities.com Inc. In order to complete the acquisition, American Express Company expects to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the merger of SierraCities.com Inc. with a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American Express Company within the next few days. As a result of the merger, each remaining outstanding share of SierraCities.com Inc. not tendered in the tender offer will be converted into the right to receive the same $5.68 per share in cash, without interest, that was paid for shares in the tender offer. American Express Company (www.americanexpress.com) is a diversified worldwide financial, travel and network services provider founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , investment products, insurance, accounting and international banking. |
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