NEWPORT BEACH, Oct. 5, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) confirmed today that it is in discussions regarding a possible acquisition by Allianz AG. The current discussions contemplate a cash transaction with a per unit price ranging from $38 to $39. No assurances can be given that a definitive agreement for such an acquisition will be reached in the price range discussed or at all. There are substantial terms on which no agreement has been reached.
PIMCO Advisors does not intend to make any additional statements regarding the foregoing until such time, if any, as a definitive agreement is reached.
Except for the historical information and discussions contained herein, statements contained in this news release may 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 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. Please refer to the reports that PIMCO Advisors Holdings L.P. files with the Securities and Exchange Commission, including but not limited to the company's annual report on form 10-K for the year ended December 31, 1998. 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.