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June 22, 2012 /PRNewswire/ -- The China Fund, Inc. (NYSE: CHN) (the "Fund") announced today the commencement of a tender offer by the Fund to purchase up to 25% of the Fund's issued and outstanding shares of common stock, par value
$0.01 per share (the "Shares"), or 5,662,664 Shares in the aggregate, for cash at a price per Share equal to 99% of the Fund's net asset value per Share as of the close of regular trading on the New York Stock Exchange on the business day immediately following the day the offer expires (the "Tender Offer"). The Tender Offer is being made on the terms and subject to the conditions set forth in the Offer to Repurchase and related Letter of Transmittal. The Tender Offer will commence on
June 22, 2012 and will expire at
New York time, on
July 23, 2012, unless extended (the "Termination Date").
The Tender Offer is not conditioned upon the tender of any minimum number of Shares. If more than 5,662,664 Shares are properly tendered and not withdrawn prior to the Termination Date, the Fund will purchase Shares from tendering stockholders on a
pro rata basis in accordance with the number of shares tendered; however, the Fund will accept all Shares tendered by any stockholder who owns an aggregate of not more than 99 Shares and tenders all such Shares before
pro rating the Shares tendered by other stockholders.
In connection with the Tender Offer, the Fund has temporarily suspended any repurchases of its shares of common stock in the open market pursuant to its discount management program until on or about 10 business days after the Termination Date, as required by the Securities Exchange Act of 1934, as amended.