Lazard World Dividend & Income Fund and Lazard Global Total Return and Income Fund Announce Stockholder Approval of Proposed Merger
NEW YORK--(BUSINESS WIRE)--Nov 15, 2019--
Lazard World Dividend & Income Fund, Inc. (NYSE: LOR) and Lazard Global Total Return and Income Fund, Inc. (NYSE: LGI) (together with LOR, the “Funds”) today announced that holders of a majority of each Fund’s outstanding shares of common stock have approved the proposal to merge LOR with and into LGI, pursuant to an Agreement and Plan of Merger (the “Merger”). LGI stockholders approved the Merger at LGI’s Adjourned Annual Meeting of Stockholders, which was held today, November 15, 2019. As was announced publicly by press release dated October 18, 2019, LOR stockholders previously approved the Merger at LOR’s Annual Meeting of Stockholders held on October 18, 2019. Subject to the satisfaction of certain customary closing conditions, the Merger is currently expected to be consummated as of the close of business on December 3, 2019. Upon consummation of the Merger, LOR stockholders will become LGI stockholders, and LOR’s assets and liabilities will be combined with LGI’s assets and liabilities. The combined fund will retain the name “Lazard Global Total Return and Income Fund, Inc.” and retain the “LGI” ticker symbol. In light of the expected timing for the closing of the Merger, LOR will not be paying any further distributions pursuant to its level distribution policy, including a monthly distribution for December 2019.
An indirect subsidiary of Lazard Ltd (NYSE: LAZ), Lazard Asset Management LLC, the Funds’ investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of October 31, 2019, LAM and affiliated asset management companies in the Lazard Group managed $235.8 billion worth of client assets. For more information about LAM, please visit www.LazardAssetManagement.com. Follow LAM at @LazardAsset.
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Lazard Asset Management LLC
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PUB: 11/15/2019 04:26 PM/DISC: 11/15/2019 04:25 PM