Jefferies and Investment Technology Group Receive Shareholder Approvals; Spin-off and Merger Set to Close April 27
April 20, 1999 04:14 PM
LOS ANGELES and NEW YORK--(BUSINESS WIRE)--April 20, 1999-- Jefferies Group, Inc. (JEF) and Investment Technology Group, Inc. (ITGI) today announced that they received approvals from their shareholders to merge ITGI into Jefferies Group following the planned separation of Jefferies & Company, Inc. ("JEFCO") and other subsidiaries from Jefferies Group through a spin-off.
Jefferies Group is a holding company for two principal lines of business: (i) a leading institutional brokerage firm and an investment bank serving middle market corporations that is principally conducted through JEFCO; and (ii) its 80.4 percent-owned subsidiary, Investment Technology Group, Inc., which through its subsidiaries is a leading provider of technology-based equity trading services and transaction research to institutional investors and brokers.
All pre-closing conditions to the merger have been satisfied or waived. Unless the tax ruling relating to these spin-off transactions is withdrawn or adversely modified, or ITGI ceases prior to the merger to be a member of Jefferies Group's consolidated tax group, the merger will occur on April 27, 1999.
According to the plan, after a series of transactions, shareholders of Jefferies Group will receive one share of New JEF and one share of New ITGI for each share of Jefferies Group. Public shareholders of ITGI will receive a special cash dividend of $4.00 per share and 1.5955 shares of New ITGI for each share of ITGI. |
