ASA extends tender offer to July 25

By Lisa Kerner

Charlotte, N.C., July 7 - ASA Ltd. said it extended the expiration date of its tender offer for up to 25%, or 2.4 million, of the company's shares to midnight ET on July 25 from midnight ET on July 11.

The purchase price will be 98% of the net asset value per share on the date the tender offer expires.

ASA's board authorized the tender offer in March.

ASA was opposed to a major tender offer proposed by a group of dissident shareholders managed or advised by Laxey Partners Ltd. The plan called for unlimited semiannual tender offers regardless of discount levels, it was previously reported.

Information agent for the offer is D.F. King & Co., Inc. (800 549-6746).

Buffalo-based ASA is an employee-owned investment management company.

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