Closed-End Funds Announce that Franklin Resources, Inc. is to Acquire Legg Mason, Inc.
19 Febbraio 2020 - 7:52AM
Business Wire
Western Asset Investment Grade Income Fund
Inc. (“PAI”) and Western Asset Premier Bond Fund (“WEA”)
Franklin Resources, Inc. (“Franklin Resources”) and Legg Mason,
Inc. (“Legg Mason”) announced today that they have entered into a
definitive agreement for Franklin Resources to acquire Legg
Mason.
The Funds’ investment managers, Western Asset Management
Company, LLC, Western Asset Management Company Limited, Western
Asset Management Company Pte. Ltd. (WEA only), and Western Asset
Management Company Ltd (WEA only) (collectively, “Western Asset”),
are all wholly-owned subsidiaries of Legg Mason and would become
wholly-owned subsidiaries of Franklin Resources as a result of the
transaction.
Under the Investment Company Act of 1940, consummation of the
transaction will result in the automatic termination of each fund’s
investment management arrangements with Western Asset. Therefore,
each fund’s Board will be asked to approve new investment
management arrangements with Western Asset. If approved by the
Board, the funds’ new investment management arrangements will be
presented to fund shareholders for their approval.
The transaction is subject to approval by Legg Mason’s
shareholders and customary closing conditions, including receipt of
applicable regulatory approvals. Subject to such approvals and the
satisfaction of the other conditions, the transaction is expected
to be consummated later this year.
An investment in a Fund involves risk, including loss of
principal. Investment return and the value of shares will
fluctuate. Any data and commentary provided in this press release
are for informational purposes only.
For more information, please call Investor Relations:
1-888-777-0102, or consult the Funds’ web site at www.lmcef.com.
The information contained on the Funds’ web site is not part of
this press release. Hard copies of the Funds’ complete audited
financial statements are available free of charge upon request.
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version on businesswire.com: https://www.businesswire.com/news/home/20200218006224/en/
Media Contact: Fund Investor Services-1-888-777-0102
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