BULLDOG
INVESTORS GENERAL PARTNERSHIP COMMENCES TENDER OFFER
TO
PURCHASE UP TO 1,500,000 SHARES OF COMMON STOCK OF PBF AT 95% OF
NET
ASSET VALUE PER SHARE
October
30, 2007 – (New York) – Bulldog Investors General Partnership (“BIGP”) is
offering to purchase up to 1,500,000 of the outstanding shares (the “Shares”) of
common stock, no par value, of Pioneer Tax Advantaged Balanced Trust (“PBF”)
from each of the shareholders of PBF upon the terms and subject to the
conditions set forth in the Offer to Purchase dated October 30, 2007 (the “Offer
to Purchase”), and in the related Letter of Transmittal, as each may be
supplemented or amended from time to time (which together constitute the
“Offer”). The offer is for cash at a price (the “Offer Price”) equal
to 95% of the net asset value (“NAV”) per Share determined as of the close of
the regular trading session of the New York Stock Exchange (the “NYSE”), on the
Expiration Date (defined below). The Shares are traded on the NYSE
under the symbol “PBF.” The NAV as of the close of the regular
trading session of the NYSE on October 29, 2007 was $15.47 per
Share. During the pendency of the Offer, current NAV quotations can
be obtained from various public websites that report prices of mutual funds
and
stocks under the symbol “XPBFX.” Shareholders may also call BIGP at
(201) 556-0092 between the hours of 9:00 a.m. and 5:00 p.m. Eastern Time, Monday
through Friday (except holidays) for current NAV quotations.
Shareholders
of PBF will be able to obtain a free copy of the Offer to Purchase, related
Letter of Transmittal and other Offer documents (when they become available)
at
a website maintained by BIGP at www.bulldoginvestorstenderoffer.com or by
contacting BIGP by Email at info@bulldoginvestors.com or telephone at (201)
556-0092. BIGP will promptly deliver such documents to any requesting
shareholder of PBF (by U.S. mail or Email, as requested).
THE
OFFER
AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON
NOVEMBER 30, 2007 UNLESS THE OFFER IS EXTENDED (THE “EXPIRATION
DATE”).
There
are
no conditions to the Offer based on a minimum number of Shares tendered, the
availability of financing, or the success of the Offer. However, the
Offer is conditioned upon, among other things, (1) the absence of certain legal
actions and proceedings which would prohibit or adversely affect consummation
of
the Offer, (2) the absence of competing tender offers, (3) that there be no
material change with respect to PBF’s or BIGP’s financial condition, (4) the
absence of certain changes in the financial markets, and (5) that BIGP has
not
agreed with PBF to terminate the Offer.
BIGP
expressly reserve the right, in its sole discretion, at any time and from time
to time, (1) to extend the period of time during which the Offer is open and
thereby delay acceptance for payment of, and the payment for, any Shares, (2)
upon the occurrence of any of the conditions specified in the Offer to Purchase,
prior to the Expiration Date, to terminate the Offer and not accept for payment
any Shares, and (3) to amend the Offer in any respect prior to the Expiration
Date. Notice of any such extension, termination, or amendment will
promptly be disseminated to Shareholders in a manner reasonably designed to
inform Shareholders of such change in compliance with Rule 14d-4(c) under the
Securities Exchange Act of 1934 (the “Exchange Act”). In the case of
an extension of the Offer, such extension will be followed by a press release
or
public announcement which will be issued no later than 9:00 a.m., Eastern Time,
on the next business day after the scheduled Expiration Date, in accordance
with
Rule 14e-1(d) under the Exchange Act.
BIGP
has commenced the Offer for the purpose of acquiring a significant equity stake
in PBF, so that BIGP may (1) gain influence over the management of PBF and
(2)
increase its voting power with the objective of enhancing the value of PBF’s
common stock.
Provided
the conditions to the Offer are satisfied, and BIGP accepts a shareholder’s
Shares for payment and consummates the Offer, such shareholder will receive
payment as promptly as practicable following the expiration of the
Offer. If a shareholder tenders by delivering the certificates
representing their Shares, payment to such shareholder will be made by BIGP
in
the form of a check in an amount equal to the number of Shares such shareholder
tendered (subject to any proration) multiplied by the Offer Price, subject
to
any required withholding for federal income tax. If a shareholder’s
nominee tenders such shareholder’s Shares to The Depository Trust Company
(“DTC”), payment to such shareholder will be made by BIGP through credit to such
shareholder’s bank or brokerage account. In all cases, payment for
Shares purchased pursuant to the Offer will be made only after timely receipt
by
BIGP of (i) share certificates representing such Shares or a timely
Book-Entry Confirmation (as defined in the Offer to Purchase) with respect
thereto, (ii) the Letter of Transmittal (or a facsimile thereof), properly
completed and duly executed, with any required signature guarantees or an
Agent’s Message (as defined in the Offer to Purchase) in connection with a
book-entry transfer and (iii) any other documents required by the Letter of
Transmittal. The per share consideration paid to any holder of Shares pursuant
to the Offer will be the highest per share consideration paid to any other
holder of such Shares pursuant to the Offer. Under no circumstances will
interest on the purchase price for Shares be paid by BIGP, regardless of any
extension of the Offer or any delay in making such
payment.
If
more
than 1,500,000 Shares are validly tendered and not properly withdrawn prior
to
the Expiration Date, BIGP will, upon the terms of, and subject to the conditions
to, the Offer, purchase 1,500,000 Shares on a pro rata basis (with adjustments
to avoid purchases of fractional Shares) based upon the number of Shares validly
tendered by the Expiration Date and not withdrawn. In these
circumstances, BIGP will prorate based on a fraction, which will be calculated
by dividing (x) 1,500,000 Shares, the maximum number of Shares that BIGP is
offering to purchase, by (y) the aggregate number of Shares validly
tendered in the Offer and not properly withdrawn prior to the Expiration
Date. This fraction will then be multiplied by the aggregate number
of Shares that have been tendered by each tendering shareholder, and not
withdrawn, to determine the resulting number of Shares that will be accepted
from each such tendering shareholder. However, no fractional Shares
will be purchased by BIGP in the Offer, and, accordingly, fractional Shares
will
be rounded down to the nearest whole number of Shares.
If
proration of tendered Shares is required, because of the difficulty of
determining the precise number of Shares properly tendered and not withdrawn,
BIGP may not be able to announce the final results of proration or pay for
any
Shares until five NYSE trading days after the Expiration
Date. However, BIGP will pay for validly tendered Shares as promptly
as possible once the number of shares accepted is determined. BIGP
expects to be able to pay for all accepted shares held in “street name” which
are delivered to BIGP by book-entry transfer within eight business
days. Preliminary results of proration will be announced by press
release as promptly as practicable. Holders of Shares may obtain such
preliminary information from BIGP at its telephone number below. All
Shares not accepted for payment due to an oversubscription will be returned
promptly to the shareholder or, in the case of tendered Shares delivered by
book-entry transfer, credited to the account at DTC from which the transfer
had
previously been made, in each case, in accordance with the procedures described
in Section 2 of the Offer to Purchase.
BIGP
reserves the right to increase or decrease the number of Shares BIGP is seeking
in the Offer, subject to applicable laws and regulations described in the Offer
to Purchase.