Seligman Closed-End Funds Issue Statement Regarding Announcement that Ameriprise Financial, Inc. Has Agreed to Acquire J. & W. S
2008年7月8日 - 4:57AM
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On July 7, 2008, Ameriprise Financial, Inc. (�Ameriprise�)
announced an agreement to acquire J. & W. Seligman & Co.
Incorporated (the �Manager�), the manager of each of Seligman
LaSalle International Real Estate Fund, Inc. (�SLIREF�), Seligman
Select Municipal Fund, Inc., and Tri-Continental Corporation
(collectively, the �Funds�), in a transaction that is likely to
close in the fourth quarter of 2008. Under the Investment Company
Act of 1940, consummation of Ameriprise�s acquisition of the
Manager will result in a change of control of the Manager and an
assignment and automatic termination of each Fund�s management
agreement with the Manager, as well as the sub-advisory agreement
of SLIREF. The Funds� Boards expect to consider new advisory and
administration agreements between each Fund and RiverSource
Investments, LLC, a wholly-owned subsidiary of Ameriprise, and new
sub-advisory and delegation agreements for SLIREF with LaSalle
Investment Management (Securities) L.P. and LaSalle Investment
Management Securities B.V., SLIREF�s current sub-advisers. If
approved by the Funds� Boards, the new advisory and sub-advisory
agreements will be presented to the stockholders of the Funds for
their approval at special meetings of stockholders scheduled to be
held on October 22, 2008 for the purpose of voting on new advisory
and, in the case of SLIREF, sub-advisory agreements and for the
election of directors. Symbols: SLS, SEL, TY.
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