Fried Frank Banc of America Securities, JP Morgan Securities in Limited Brands' 2 Billion Stock Repurchase Agreement

Fried Frank Banc of America Securities, JP Morgan Securities in Limited Brands' 2 Billion Stock Repurchase Agreement

Fried, Frank, Harris, Shriver & Jacobson LLP is representing Banc of America Securities LLC and JPMorgan Securities Inc. as financial advisers and dealer managers in connection with Limited Brands, Inc.’s announced repurchase of $2 billion in common stock and a post-repurchase special dividend of $500 million.

According to Limited Brands’ announcement, the repurchase will be made through a modified “Dutch Auction” tender offer in which Limited Brands’ shareholders will be given the opportunity to sell a portion or all of their shares to the company at a price of not less than $21.75 and not more than $25.00 per share. The offer to purchase shares will commence on October 7, 2004 and will expire at midnight, EDT, on November 4, 2004, unless extended by the company.

Shortly after completion of the tender offer, the company intends to declare a special dividend of $500 million in the aggregate, according to the announcement.

The Fried Frank attorneys representing Banc of America Securities and JPMorgan are corporate partners Jean E. Hanson and Angelique C. Mamby and corporate associate Sara A. Shindel.

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