Van Eck Global announced today the expiration of the exchange offers by its Market Vectors ETF Trust for any and all outstanding receipts of six Merrill Lynch-sponsored HOLDRS: Oil Service (OIH), Semiconductor (SMH), Pharmaceutical (PPH), Biotech (BBH), Retail (RTH), and Regional Bank (RKH). The offering period expired, as scheduled, at 11:00 a.m. EST, on December, 20, 2011.
All terms and conditions have been satisfied for each of the six exchange offers. As such, Market Vectors ETF Trust has accepted all tendered HOLDRS associated with the offers. A total of 33,756,917 HOLDRS were validly tendered (and not withdrawn) and accepted by Market Vectors ETF Trust, representing nearly 70% of the value of the aggregate assets of the six Trusts and totaling $2.3 billion (based off today’s 10:30 a.m. market prices). A breakdown for each is as follows:
|Ticker||HOLDRS Trust||HOLDRS Tendered||% of Outstanding HOLDRS|
“We are extremely pleased with the outcome, and feel that the exchange offers have provided an important benefit to investors. As we’ve stated, we believe that ETFs offer a better investment vehicle when compared to the HOLDRS structure,” said Adam Phillips, Managing Director of ETFs at Van Eck Global. “These funds are a great addition to the Van Eck platform and, particularly in the case of OIH, a natural extension of the kinds of products with which we have historically been associated. We are eager to move forward with the launch of this new suite of industry focused ETFs.”