EXHIBIT (a)(1)(J)
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FOR IMMEDIATE RELEASE
OLD MUTUAL EXTENDS TENDER OFFER FOR UNITED ASSET MANAGEMENT CORPORATION
NEW EXPIRATION DATE IS SEPTEMBER 18, 2000
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NO DOWNWARD PRICE ADJUSTMENT IF TENDER OFFER IS
COMPLETED IN SEPTEMBER
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BOSTON (September 12, 2000) - Old Mutual plc announced today that it has
extended the expiration date for its cash tender offer for all outstanding
shares of common stock of United Asset Management Corporation (NYSE: UAM). The
new expiration date is Monday, September 18, 2000 at 5:00 p.m. EDT.
Under the merger agreement, the tender offer price of $25 net per share is
subject to downward adjustment in the event that UAM's revenues from assets
under management, excluding the effects of market movements, decline below a
specified level prior to completion of the offer. Based upon information
received from UAM, Old Mutual has determined that there will be no downward
price adjustment if the tender offer is completed during the month of September.
The potential downward adjustment will be recomputed if the tender offer is
completed subsequent to September.
As of the previous expiration date of 5:00 p.m. EDT on September 11, 2000,
approximately 52,796,285 shares of UAM common stock had been tendered,
representing approximately seventy-one percent (71%) of UAM common stock on a
fully-diluted basis.
Enquiries:
Old Mutual plc, London Tel: +44 20 7569 0100
James Poole, Director Investor Relations
College Hill, London Tel: + 44 20 7457 2020
Nicholas Williams
Old Mutual, Cape Town Tel: + 27 21 509 2732
Bruce Allen, Manager, Group Media Communications
College Hill, Johannesburg Tel: + 27 11 447 3030
Kim Milnes
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