NEW YORK, May 25, 2006 (BUSINESS WIRE) -- Loews Corporation (NYSE: LTR) announced today that Joan Tisch has agreed to sell 21,000,000 shares of Loews common stock in a public offering through Morgan Stanley & Co. Incorporated. The Company will not receive any proceeds from the sale. The closing of this transaction is scheduled for Wednesday, May 31, 2006, subject to customary closing conditions.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. A written prospectus may be obtained, when available, from Morgan Stanley at 1585 Broadway, New York, NY 10036, telephone number (212) 761-4000.
Statements about future results made in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Loews's Form 10-K for the year ended December 31, 2006 and Form 10-Q for the quarter ended March 31, 2005.
SOURCE: Loews Corporation
Peter W. Keegan
Senior Vice President
V. P. of Public Affairs