WEALTH MANAGEMENT | Terry Gangcuangco, Singapore

Barclays accepts BlackRock's offer to acquire BGI

BlackRock has received written notice from Barclays PLC (Barclays) that the former's offer to acquire Barclays Global Investors (BGI) has been accepted by Barclays' Board of Directors. The Board will also recommend the transaction to Barclays' shareholders for approval at a special meeting to be held in August 2009.

The transaction--upon approval by Barclays' shareholders, the receipt of client consents and regulatory approvals, and satisfaction of customary closing conditions--is expected to close in 4Q 2009. Provisions required under a "go-shop" arrangement with respect to an offer previously received by Barclays for iShares, BGI’s ETF platform, were initially satisfied.

BlackRock, one of the world’s largest publicly traded investment management firms, has its AUM at $1.283 trillion as of 31 March 2009. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products.

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