Question
From: (redacted)
Sent: Thursday,February 02, 2006 8:16 AM
To: Verne, B.Michael
Cc: (redacted)
Subject:HSR Question re: Escrows
Mike,
I'm writing to follow up ona discussion we had earlier this week regarding escrow arrangements in thecontext of a foreign tender offer. Please assume that the Acquiring Person andthe Acquired Person are non-U.S. persons, both satisfy the size of personstest, and the size of transaction test is satisfied.
I understand that, pendingHSR clearance, tendered shares may be acquired so long as any shares at or inexcess of 50% are placed in an escrow account that explicitly precludes theacquirer from exercising any voting rights or receiving dividends. Any suchescrow arrangement must be structured so that the shares must be sold by theescrow agent if the FTC or DOJ successfully challenges the transaction.
Please let me know if I havecharacterized the PNO's position accurately.