Stockholders Approve the Acquisition of Assets of ACM Municipal Securities Income Fund, Inc. By Alliance National Municipal Inco
14 April 2007 - 7:06AM
PR Newswire (US)
NEW YORK, April 13 /PRNewswire-FirstCall/ -- At a Special Meeting
of Stockholders of ACM Municipal Securities Income Fund, Inc. ("ACM
Municipal Securities" - NYSE: AMU) held today, the preferred
stockholders of ACM Municipal Securities voting as a separate class
approved the acquisition of the assets and the assumption of the
liabilities of ACM Municipal Securities by Alliance National
Municipal Income Fund, Inc. ("Alliance National Municipal" - NYSE:
AFB) (the "Acquisition"). The Acquisition was previously approved
by ACM Municipal Securities' preferred stockholders and common
stockholders voting as a single class at a Special Meeting held on
February 22, 2007. It is anticipated that the Acquisition will
occur as soon as practicable in the second quarter of 2007. As a
result of the Acquisition, (i) each holder of ACM Municipal
Securities common stock will receive shares of Alliance National
Municipal common stock having an aggregate net asset value ("NAV")
equal to the aggregate NAV of the stockholder's shares in ACM
Municipal Securities and (ii) each holder of a class of ACM
Municipal Securities preferred stock will receive shares of a
similar class of Alliance National Municipal preferred stock having
the same aggregate liquidation preference and value. Common
stockholders participating in ACM Municipal Securities' dividend
reinvestment plan will receive full and fractional Alliance
National Municipal shares. Other common stockholders will receive
cash in lieu of fractional shares. There may be a final
distribution of income and/or capital gains for ACM Municipal
Securities and/or Alliance National Municipal made prior to the
Acquisition. ACM Municipal Securities and Alliance National
Municipal are diversified, closed-end U.S.-registered management
investment companies. Both Funds are advised by AllianceBernstein
L.P. As of April 5, 2007, the total net assets of ACM Municipal
Securities and Alliance National Municipal were $215,373,083 and
$510,235,610, respectively. DATASOURCE: ACM Municipal Securities
Income Fund, Inc. CONTACT: Shareholder Contact: +1-800-221-5672 Web
site: http://www.alliancebernstein.com/
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