BlackRock, Inc. Issues Letter to Laureate, Inc. Board of Directors.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BlackRock, Inc. (NYSE NYSE See: New York Stock Exchange :BLK BLK Black BLK Blank BLK Block BLK Bulk BLK Blocked Shot (basketball) BLK Blocked Kick (football) BLK Blackpool, England, United Kingdom - Blackpool (Airport Code) ) today published the full content of a letter that was presented to the Board of Directors of Laureate Education Laureate Education, Inc. (NASDAQ: LAUR) is an education services holding company, based in Baltimore, Maryland, which owns a number of for-profit colleges and online universities, including Walden University and other college brands worldwide. , Inc. on March 16, 2007. The letter was submitted to Laureate lau·re·ate adj. 1. Worthy of the greatest honor or distinction: "The nation's pediatrician laureate is preparing to lay down his black bag" James Traub. 2. Education's Board of Directors in reference to a management-led buyout that was announced on January 28, 2007.
March 15, 2007
BlackRock, Inc.
40 East 52nd Street
New York, NY 10022
c/o Mr. Robert W. Zentz, Secretary of The Board of Directors
Laureate Education, Inc.
1001 Fleet Street
Baltimore, MD 21202-4382
Attn: Ms. Isabel Aguilera
Mr. Wolf H. Hengst
Mr. James H. McGuire
Mr. John A. Miller
Mr. R. William Pollock
The Honorable Richard W. Riley
Mr. David A. Wilson
RE: Laureate Education, Inc.
Dear Independent Member of the Board:
We are writing in reference to the proposed management-led buyout
announced on January 28, 2007. BlackRock, Inc. and its subsidiaries,
on behalf of their client accounts, have been significant long-term
shareholders of Laureate Education, Inc. ("Laureate"), having begun
our investment in 2002. We currently own 1.6 million shares of
Laureate on behalf of our clients.
We have read the letter dated, sent to you, and filed with the SEC on
February 21, 2007 from Select Equity, Inc. While we are not acting in
concert with Select Equity, Inc., we agree with the analysis contained
in this letter and agree with Select Equity, Inc. in their assertion
that the proposed price of the management-led buyout is inadequate.
We also share their reservations concerning the process by which this
deal was proposed and evaluated.
If the terms of the proposed Merger Agreement are not amended to
better reflect the true value of Laureate, we will not support the
transaction.
Sincerely,
Neil D. Wagner Andrew F. Thut
Managing Director Director
About BlackRock BlackRock is one of the world's largest publicly traded investment management firms. As of December 31, 2006, BlackRock's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. were $1.125 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. use BlackRock Solutions([R])investment system, risk management and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Headquartered in 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. , the firm has approximately 5,000 employees in 18 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. For additional information, please visit the Company's website at www.blackrock.com. Forward Looking Statements This press release, and other statements that BlackRock may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and , with respect to BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in BlackRock's SEC reports and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock's investment products, including its separately managed accounts and the former Merrill Lynch Merrill Lynch & Co., Inc. 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BlackRock's Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at http://www.sec.gov and on BlackRock's website at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on our website is not a part of this press release. |
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