MN - Manning & Napier Announce Move to Private and Acquisition by Callodine Group

Manning & Napier, Inc. (NYSE: MN) have announced entry into a definitive agreement where Manning & Napier will go private and be acquired by Callodine.  The company will be purchased for USD 12.85 per share of company common stock, representing a 41% premium above the closing price of Manning & Naper common stock on March 31st 2022.  Including a premium of 55% to Manning & Napier’s volume-weighted average price for the last 90 calendar days.  The acquisition is expected to close within the third quarter of 2022, upon shareholder approval and other customary closing conditions.  “Manning & Napier represents a best-in-class investment management firm that we are thrilled to welcome to the Callodine Group platform,” said James Morrow, founder and CEO of Callodine. “Growing up in Rochester, NY and having previously been a shareholder of the Company after its IPO, we know this is a business with a long and proud tradition of delivering outstanding results for clients. We look forward to partnering with the current management team to continue to uphold that standard of excellence.”

“Callodine is a long-term investor with deep roots in upstate and western New York, and a natural fit for us, culturally and strategically,” said Marc Mayer, Chairman and CEO of Manning & Napier. “We view the combination with Callodine as providing significant benefits to all stakeholders. Manning & Napier has been relentlessly focused on client outcomes since our founding more than 50 years ago, and, under the umbrella of Callodine, we will be even better positioned to deliver meaningful outcomes for our clients over the long term. We are grateful for the support of our shareholders and are glad that the combination with Callodine will add further to the strong returns we have generated over the past two years. This partnership will drive our next phase of responsible and thoughtful growth, which will create opportunities for our employees and will further strengthen our ties to our communities.”

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