MN - Manning & Napier stock jumps on being acquired by Callodine Group at $12.85/share

Manning & Napier (NYSE:MN) will go private after being acquired by Callodine for $12.85 per share. The purchase price represents 41% premium above the closing price on March 31, 2022 and a premium of approximately 55% to company's volume-weighted average price for the last 90 calendar days. The proposed acquisition is expected to close in the third quarter of 2022. The company anticipates continuing its regular dividend payment to shareholders until closing. Chief Executive Officer, Marc Mayer, will remain in his position and will roll over a significant portion of his currently held shares into the new private company. Upon closing, the company will become a wholly owned subsidiary of Callodine, adding an experienced investment management business to Callodine's growing platform. This deal is expected to provide capital resources, long-term stability, and additional investment capabilities to drive the firm's next phase of growth. Shares up 40% premarket.

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Manning & Napier stock jumps on being acquired by Callodine Group at $12.85/share