SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act Of 1934
Morgan Stanley Emerging Markets Fund, Inc.
(Name of Subject Company (Issuer))
Morgan Stanley Emerging Markets Fund, Inc.
(Name of Filing Person (Issuer))
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
61744G107
(CUSIP Number of Class of Securities)
522 Fifth Avenue
New York, New York 10036
(Address of Principal Executive Office)
Telephone Number, Including Area Code: (212) 296-6970
Stefanie V. Chang Yu, Esq.
522 Fifth Avenue
New York, New York 10036
(Name and Address of Agent for Service)
Copy to:
Carl Frischling, Esq. |
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Stuart M. Strauss, Esq. |
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement)
Calculation of Filing Fee
Transaction Valuation* |
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Amount Of Filing Fee* |
Not Applicable |
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No filing fee is required because this filing includes only preliminary communications made before the commencement of a tender offer. |
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Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
Amount Previously Paid: |
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Not Applicable |
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Filing Party: |
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Not Applicable |
Form or Registration No.: |
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Not Applicable |
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Date Filed: |
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Not Applicable |
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Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
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Check the appropriate boxes below to designate any transactions to which the statement relates: | |
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third party tender offer subject to Rule 14d-1. |
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issuer tender offer subject to Rule 13e-4. |
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going-private transaction subject to Rule 13e-3. |
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amendment to Schedule 13D under Rule 13d-2. |
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Check the following box if the filing is a final amendment reporting the results of the tender offer. o |
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For more information: (800) 231-2608 |
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For Immediate Release |
Morgan Stanley Emerging Markets Fund, Inc. Announces Tender Offer, Information Regarding Share Repurchase Program, Portfolio Manager Changes and Creation of Closed-End Fund Committee
NEW YORK, May 16, 2012 - Morgan Stanley Emerging Markets Fund, Inc. (NYSE: MSF) (the Fund) announced today that its Board of Directors has approved a tender offer to acquire in exchange for cash up to 15 percent of the Funds outstanding shares at a price equal to 98.5 percent of the Funds net asset value per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the business day immediately following the day the offer expires (the Tender Offer). The timing of the Tender Offer will be announced as soon as practicable. Additional terms and conditions of the Tender Offer will be set forth in its offering materials, which will be distributed to the Funds stockholders. If more than 15 percent of the Funds outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at a price of 98.5 percent of the Funds net asset value per share.
The Fund continues to maintain a share repurchase program (the Program) for purposes of enhancing stockholder value and reducing the discount at which the Funds shares trade from their net asset value. Since the inception of the Program on July 30, 1998, the Fund has repurchased 24.5 percent of its shares. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives of the Program, subject to review by the Board of Directors. On a monthly basis, the Fund intends to make available on its public website information regarding the Funds repurchase activity. In connection with the Tender Offer, the Fund has temporarily suspended any purchases of shares in the open market pursuant to the Program until on or about 10 business days after the termination of the Tender Offer, as required by the Securities Exchange Act of 1934, as amended.
In addition, Morgan Stanley Investment Management Inc. (MSIM), the investment adviser to the Fund, announced that James Cheng, a portfolio manager of the Fund, will retire effective December 31, 2012. Effective immediately, Munib Madni, a Managing Director of Morgan Stanley Investment Management Company (MSIM Company), the sub-adviser to the Fund, and Samuel Rhee, an Executive Director of MSIM Company, have been added to the team primarily responsible for the day-to-day management of the Funds portfolio. Mr. Madni has been associated with MSIM Company in an investment management capacity since February 2005. Mr. Rhee has been associated with MSIM Company in an investment management capacity since July 2005. Messrs. Madni and Rhee, along with Ana Cristina Piedrahita, an Executive Director of Morgan Stanley Investment Management Limited (MSIM Limited), a sub-adviser to the Fund, and Eric Carlson, Paul C. Psaila and Ruchir Sharma, each a Managing Director of MSIM, will continue to be jointly and primarily responsible for the day-to-day management of the Funds portfolio upon Mr. Chengs retirement.
The change in portfolio management team does not affect the investment objective of the Fund, nor the way in which the Funds portfolio is managed.
The Board of Directors has also approved the creation of a committee of independent Directors to consider a range of issues unique to closed-end funds.
The Fund is a diversified, closed-end management investment company that seeks long-term capital appreciation through investments primarily in emerging country equity securities. The Funds shares are listed on the NYSE under the symbol MSF.
Morgan Stanley Investment Management, together with its investment advisory affiliates, has approximately 620 investment professionals around the world and $304 billion in assets under management or supervision as of March 31, 2012. MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firms employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
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This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.