Exhibit 99.1
[LETTERHEAD OF CREDIT SUISSE FIRST BOSTON]
FOR IMMEDIATE RELEASE
CSFB AGREES TO ACQUIRE OUTSTANDING
CSFBDIRECT TRACKING STOCK
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NEW YORK, JULY 11, 2001 -Credit Suisse First Boston (USA), Inc. and Credit
Suisse First Boston, Inc. are pleased to announce the execution of a definitive
merger agreement whereby CSFB will acquire the 18,400,000 shares (approximately
17% interest) of CSFBDIRECT common stock (NYSE: DIR) owned by the public for $ 6
per share in cash, or a total of approximately $110 million. CSFBDIRECT stock is
the series of common stock issued by CSFB (USA) that tracks the performance of
CSFBDIRECT, it's online brokerage unit. The offer represents a premium of
approximately 28%percent over the closing price of CSFBDIRECT stock on July 10,
2001 on the New York Stock Exchange.
The transaction has been unanimously approved by the special committee of the
board of directors of CSFB (USA) and the board of directors of CSFB (USA). The
offer is not subject to a minimum number of shares having been tendered but is
subject to customary conditions for transactions of this type.
To consummate the transaction, CSFB will commence within ten business days a
cash tender offer for all of the CSFBDIRECT stock owned by the public. The
transaction is expected to close in the third quarter of 2001.
CSFB (USA), formerly known as Donaldson, Lufkin & Jenrette, Inc., was acquired
last fall by the Credit Suisse Group. CSFB (USA) is a part of the Credit Suisse
First Boston business unit and is a subsidiary of CSFB.
The transaction will provide CSFB (USA) with additional flexibility in operating
the CSFBDIRECT business, including giving greater flexibility to CSFB in
allocating assets and liabilities among its various businesses and reduce
administrative and related expenses.
This press release is neither an offer to purchase nor the solicitation of an
offer to sell any securities of CSFB (USA). Investors are urged to read the
relevant tender offer documents that will be filed with the Securities and
Exchange Commission by CSFB (USA) and CSFB if the transaction proceeds because
they will contain important information concerning the offer. You will be able
to obtain a free copy of the documents filed with the Commission by CSFB (USA)
and CSFB at the Commission's website at http://www.sec.gov.
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CSFBDIRECT is one of the world's premier online brokerage firms offering a
diversified range of investment products and services to sophisticated,
self-directed investors. As of December 31, 2000, CSFBDIRECT had over one
million worldwide customer accounts representing nearly $23 billion in assets.
Headquartered in Jersey City, NJ with offices in New York City, Charlotte, NC,
Delray Beach, FL, Sandy City, UT, London, Tokyo, Hong Kong, and Dubai,
CSFBDIRECT employs more than 1,650 people. CSFBDIRECT trades on the New York
Stock Exchange under the ticker symbol "DIR" as a tracking stock of Credit
Suisse First Boston (USA), Inc. For more information on CSFBDIRECT, visit the
company's Web site at WWW.CSFBDIRECT.COM.
Credit Suisse First Boston (CSFB) is a leading global investment bank serving
institutional, corporate, government and individual clients. CSFB's businesses
include securities underwriting, sales and trading, investment banking, private
equity, financial advisory services, investment research, venture capital,
correspondent brokerage services and retail online brokerage services. It
operates in over 87 locations across more than 39 countries on 6 continents, and
has some 28,000 staff worldwide. The Firm is a business unit of the Zurich based
Credit Suisse Group, a leading global financial services company. For more
information on Credit Suisse First Boston, please visit our website at
HTTP://WWW.CSFB.COM.
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Press Contacts: Jeanmarie McFadden CSFB - New York (212) 325-5898