Mirant Announces Preliminary Results of Tender Offer
22 August 2006 - 11:33PM
PR Newswire (US)
ATLANTA, Aug. 22 /PRNewswire-FirstCall/ -- Mirant Corporation
(NYSE:MIR) today announced the preliminary results of its modified
"Dutch auction" tender offer to purchase up to 43,000,000 shares of
the company's common stock, which expired at 5:00 p.m., New York
City time, on Monday, August 21, 2006. Based upon the preliminary
count by Mellon Investor Services, the depositary for the tender
offer, 52,216,895 shares were validly tendered and not withdrawn at
a price at or below $28.50, including 23,170,338 shares tendered
through notice of guaranteed delivery. Based on these preliminary
results, the company expects to purchase 43,000,000 shares in the
tender offer, subject to proration, at $28.50 per share. These
shares represent approximately 14% of the shares outstanding as of
June 30, 2006. The number of shares to be purchased and the price
per share are preliminary. The determination of the final number of
shares to be purchased, the final price per share and the proration
factor, if any, is subject to confirmation by the depositary of the
proper delivery of the shares validly tendered and not withdrawn.
The actual number of shares purchased, the final purchase price,
and the proration factor, if any, will be announced promptly
following completion of the verification process. Payment for the
shares accepted for purchase, and return of all other shares
tendered, will occur promptly after completion of the final
purchase price and proration computations, if applicable. Any
questions with regard to the tender offer may be directed to
Innisfree M&A Incorporated, the Information Agent for the
Offer, at 1 877 750 5836, or J.P. Morgan Securities Inc., the
Dealer Manager for the Offer, at 1 877 371 5947. Mirant is a
competitive energy company that produces and sells electricity in
the United States, the Caribbean, and the Philippines. Mirant owns
or leases approximately 17,310 megawatts of electric generating
capacity globally. The company operates an asset management and
energy marketing organization from its headquarters in Atlanta. For
more information, please visit http://www.mirant.com/. Some of the
statements included herein involve forward-looking information.
Mirant cautions that these statements involve known and unknown
risks and that there can be no assurance that such results will
occur. There are various important factors that could cause actual
results to differ materially from those indicated in the
forward-looking statements, such as, but not limited to, the
ability of Mirant and the depositary to compute the results of the
tender offer and any proration factor in a timely manner and other
factors discussed in Mirant's Form 10-K for the year ended December
31, 2005, and its Form 10-Q for the quarter ended June 30, 2006.
Mirant undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Stockholder inquiries: 678 579 7777
DATASOURCE: Mirant CONTACT: Media, Darlene Snow, +1-202-729-4120,
or , for Mirant; or Investor Relations, Mary Ann Arico,
+1-678-579-7553, or , or Sarah Stashak, +1-678-579-6940, or , or
Stockholder inquiries, +1-678-579-7777, all of Mirant Web site:
http://www.mirant.com/
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