Arrow funds extend tender offer for shares of W.P. Stewart to July 28

By Lisa Kerner

Charlotte, N.C., July 7 - W.P. Stewart & Co., Ltd., Arrow Masters LP, Arrow Partners LP and Arrow Offshore, Ltd. amended their May 20 investment agreement to add two additional funds as purchasers: Arrow Opportunities I, LLC and Arrow Opportunities I, Ltd.

As a result, the Arrow funds extended the expiration date for their tender offer for W.P. Stewart shares to 5 p.m. ET on July 28, a W.P. Stewart news release said.

The Arrow funds said that at the close of business on July 3, they had received tenders for 123,629 shares.

The tender offer is for up to 19.9 million W.P. Stewart shares for a purchase price of $1.60 per share.

The investors also committed to purchase a minimum of 5.01 million newly issued shares from W.P. Stewart for a purchase price of $1.60 per share.

W.P. Stewart, a Hamilton, Bermuda, asset management company, noted it has been in discussions with Arrow regarding an ongoing collaborative arrangement.

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