CSFB Completes Tender Offer for CSFBdirect Tracking Stock.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 21, 2001 Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , Inc. today announced that CSFBdirect Acquisition Corp., 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 CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank , has completed its cash tender offer for the 18,400,000 shares (approximately 17% interest) of CSFBdirect common stock (NYSE NYSE See: New York Stock Exchange : DIR) of Credit Suisse First Boston (USA), Inc. owned by the public. CSFBdirect common stock is the series of common stock issued by CSFB (USA) that tracks the performance of the online brokerage unit of CSFBdirect. The tender offer expired, as scheduled, at 12:00 midnight, Eastern Daylight Time, on Monday, August 20, 2001. Based on a preliminary count of tendered shares, approximately 14,420,083 shares of CSFBdirect common stock have been validly tendered and not withdrawn (including 717,258 shares subject to guaranteed delivery) and accepted for payment at a price of $6.00 per share in cash. The acceptance of these shares in the tender offer will result in CSFB's ownership of approximately 78% of the outstanding common stock of CSFB (USA). CSFB (USA) will issue today to CSFB 90,752,000 shares of CSFBdirect common stock in respect of its retained interest Retained interest (also colloquially known as a payout penalty) is future, currently unpaid, interest that some lenders add to the remaining principal of a loan to determine a payout figure in the event that the loan is terminated before the completion of the original term. in the CSFBdirect business which shares, together with the shares tendered in the tender offer, will result in CSFB's ownership of approximately 96% of the outstanding common stock of CSFB (USA). In the proposed second step of the acquisition, CSFB plans to merge a newly incorporated wholly-owned subsidiary of CSFBdirect Acquisition Corp. with and into CSFB (USA), with CSFB (USA) as the surviving corporation of the merger. As a result, each share of CSFBdirect common stock not previously purchased in the tender offer will be converted into the right to receive $6.00 in cash. Under applicable law, the proposed merger is not subject to the approval of the remaining outstanding shareholders of CSFB (USA). CSFB (USA), formerly known as Donaldson, Lufkin & Jenrette, Inc., is a member of the Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group and a subsidiary of CSFB and was acquired last Fall by the Credit Suisse Group. CSFBdirect is one of the world's premier online brokerage firms offering a diversified range of investment products and services to sophisticated, self-directed investors. As of December 31, 2000, CSFBdirect had over one million worldwide customer accounts representing nearly $23 billion in assets. CSFBdirect is headquartered in Jersey City, NJ with offices 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. , Charlotte, NC, Delray Beach Delray Beach, resort city (1990 pop. 47,181), Palm Beach co., SE Fla., on the Atlantic coast; settled 1895, inc. 1911. Mostly residential, Delray Beach is also the trade center for a citrus-fruit and vegetable-growing region. , FL, Sandy City, UT, London, Tokyo, Hong Kong, and Dubai. For more information on CSFBdirect, visit the company's Web site at www.CSFBdirect.com. Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, 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 , investment research, venture capital, correspondent brokerage services and retail online brokerage services. It operates in over 87 locations across more than 39 countries on 6 continents, and has some 28,000 staff worldwide. The Firm is a business unit of the Zurich based Credit Suisse Group, a leading global financial services company. For more information on Credit Suisse First Boston, please visit our website at http://www.csfb.com. |
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