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Friday, November 11, 2011

Van Eck Offers an Exchange

Reported by Hung Tran

Van Eck Global [see profile] today said that it is offering its investors an exchange of six Merrill Lynch-sponsored HOLDRS for shares of new Market Vectors exchange-traded funds. The new ETFs are expected to trade under the corresponding HOLDRS’ ticker symbols.

The exchange offers are expected to expire at 11 AM EST on December 20, 2011 unless they're extended.

"We have structured the offers, in our view, to be investor friendly,” stated Adam Phillips, managing director of ETFs at Van Eck Global. "Potential benefits of participation include the opportunity for uninterrupted exposure to target industries, a partially tax-advantaged exchange, and no costs associated with the offers." 

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