NEWPORT BEACH, Calif., April 28, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) today announced that the Company has received majority unitholder approval to complete the previously announced transaction whereby Allianz AG will acquire all of PIMCO Advisors Holdings and a majority ownership of PIMCO Advisors. The transaction is expected to close on May 5, 2000.
PIMCO Advisors Holdings also announced a special distribution of $0.0925 per unit representing operating profit available for distribution through the closing date. This distribution will be paid to holders of record as of May 4, 2000.
PIMCO Advisors is one of the largest investment management companies in the United States with over $260 billion of assets under management. Its investment advisor subsidiaries, led by Pacific Investment Management Company and Oppenheimer Capital, are widely recognized for consistently posting attractive performance and providing high quality service to more than 1,600 institutional clients worldwide, including one-third of the nation's largest 100 corporations. In addition, PIMCO Advisors manages a family of 55 stock and bond mutual funds available to both retail and institutional investors.
Except for the historical information and discussions contained herein, statements contained in this news release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the pending acquisition by Allianz A.G., the investment performance of PIMCO Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.