The stake taken by CIC will be passive and give the investment firm no special rights to name directors, Morgan Stanley said in its press release. CIC will purchase equity units that will be converted into common shares on Aug. 17, 2010, at prices between a still-undetermined reference price and a premium of 20 percent to that price. The units will pay a fixed annual rate of 9 percent on a quarterly basis.
That's the latest from NYT, more here.
Wonder what WSJ would have to say on this given its recent unfriendly stance towards foreign acquisition of US assets.