Manning and Napier Inc surges nearly 40.64% after agreeing to go private through a sale to Callodine Group, according to a press release by Manning & Napier on Friday.
- The takeover deal is priced at $12.85 per share, 41% above Manning & Napier’s stock’s closing price of $9.11 on March 31. The deal is expected to be finalized in the third quarter.
- Manning & Napier CEO Marc Mayer will remain the leader of the investment management firm and will roll over a huge percentage of his currently held stocks into the private firm.
- Marc Mayer CEO of Manning & Napier stated that Callodine is a long-term investor with long-lasting roots in upstate and western New York and is culturally and strategically fit.
For Manning & Napier, the acquisition is anticipated to promote the company’s next stage of growth, providing capital, stability and additional investment capabilities. MN: NYSE is up +40.64%