SOURCE: IPIC Group Ltd.

November 22, 2011 09:27 ET

IPIC Group Commences Partial Tender Offer to Acquire Shares of Bank of America

NEW YORK, NY--(Marketwire - Nov 22, 2011) - IPIC Group Ltd., a Delaware-based private investment firm, today announced that it has commenced a partial tender offer to purchase for cash up to 500,000,000 shares of the issued and outstanding common stock of Bank of America Corporation at a purchase price of $6.00 per share.

IPIC's all-cash offer represents approximately a 9.3% premium to the closing price of Bank of America shares on the New York Stock Exchange on November 21, 2011 -- the last day prior to the commencement of the offer.

Subject to the satisfaction or waiver of all conditions to the offer, IPIC will pay for shares promptly after the expiration of the offer. The offer will expire at 12:00 Midnight, New York City time, on Friday, December 23, 2011, unless fewer than 500,000,000 shares are tendered on or before such date, in which event the offer will be extended until 12:00 Midnight, New York City time, on Friday, March 30, 2012. No further extensions are permitted under the offer.

If more than 500,000,000 shares are validly tendered, IPIC will purchase shares on a pro rata basis. The offer itself is not conditioned on any minimum number of shares being tendered. Shareholders will not be entitled to withdraw tendered shares and in no event will any shares be returned prior to the expiration date, or extension thereof. IPIC has not asked the board of directors of Bank of America to approve the offer or provide a recommendation with respect to the offer.

Copies of the offer documents may be obtained directly from the purchaser's website at www.ipicgroupltd.com or by emailing the purchaser at ipic@ipicgroupltd.com or by calling the purchaser directly at (646) 863-6734.

THIS PRESS RELEASE IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE COMPLETE TEXT OF THE OFFER TO PURCHASE AND THE RELATED LETTER OF ACCEPTANCE (COLLECTIVELY THE "OFFER DOCUMENTS"). THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY THE COMPANY'S COMMON SHARES WILL ONLY BE MADE PURSUANT TO THE OFFER DOCUMENTS. SHAREHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. YOU ARE URGED TO CONTACT A QUALIFIED INDEPENDENT FINANCIAL ADVISOR FOR ADVICE WITH RESPECT TO THE OFFER.

About IPIC Group Ltd.

IPIC Group Ltd. is a private investment firm organized in Delaware solely for the purpose of making a partial tender offer for Bank of America common stock.

Contact Information

  • Contact Information

    Media Contact:
    Colleen Sullivan
    IPIC Group Ltd.
    (646) 863-6734
    Email Contact