PHILADELPHIA, Jan. 13 /PRNewswire-FirstCall/ -- Delaware Investments Minnesota Municipal Income Fund, Inc. ("Minnesota I"), Delaware Investments Minnesota Municipal Income Fund II, Inc. ("Minnesota II") and Delaware Investments Minnesota Municipal Income Fund III, Inc. ("Minnesota III") (each, a "Fund") announced the final results of voting at the reconvened Special Meeting of Shareholders (the "Special Meeting") held on January 12, 2006. Shareholders of the Funds approved an Agreement and Plan of Acquisition (the "Plan of Acquisition") that provides for (i) the acquisition by Minnesota II of substantially all of the assets of Minnesota I and Minnesota III in exchange for shares of Minnesota II; (ii) the pro rata distribution of shares of Minnesota II to the shareholders of Minnesota I and Minnesota III; and (iii) the subsequent liquidation and dissolution of Minnesota I and Minnesota III.
These transactions, which are expected to be tax-free reorganizations, are currently anticipated to close in February of 2006. As set forth in each Plan of Acquisition, common shares will be exchanged based on the respective net asset values of each of Minnesota I's and Minnesota III's common stock and Minnesota II's common stock, and holders of each of Minnesota I's and Minnesota III's preferred shares will receive an equal number of a corresponding series of preferred shares of Minnesota II having the same liquidation preference as of Minnesota I's and Minnesota III's preferred shares.
About Delaware Investments:
Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $110 billion in assets under management as of September 30, 2005. Through a broad range of managed accounts and portfolios, mutual funds, retirement plan services, sub-advised funds, college savings plans and other investment products, Delaware Investments provides investment services to individual investors and to institutional investors such as private and public pension funds, foundations, and endowment funds. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. For more information on Delaware Investments, visit the company at http://www.delawareinvestments.com/. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. For more information on Lincoln Financial Group, visit http://www.lfg.com/.
