UPDATE 1-National Financial Partners to go private in $1.3 bln deal
April 15 (Reuters) - Wealth management company National Financial Partners said it agreed to be bought by private equity investment firm Madison Dearborn Partners LLC for about $1.3 billion, including convertible debt.
Madison Dearborn will pay $25.35 for each National Financial share, a premium of about 8 percent to the stock's Friday close.
Reuters first reported on March 12 that New York-based National Financial was exploring a possible sale of the company to private equity firms. Madison's offer price is a premium of 26 percent to trading levels on that day.
National Financial, which is run by Jessica Bibliowicz, the daughter of former Citigroup chief Sandy Weill, faced difficulties during the downturn in 2008 and its stock hit a low of $1.21 that year.
BofA Merrill Lynch was the financial adviser to National Financial. Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to National Financial.
UBS Securities LLC advised Madison Dearborn, while Ropes & Gray LLP served as its legal adviser.
National Financial shares were up about 7 percent before the bell on Monday.
- Insight: How U.S. spying cost Boeing multibillion-dollar jet contract
- Exclusive: Secret contract tied NSA and security industry pioneer |
- With Fed out of the way, what's next on Wall Street?
- Yemeni al Qaeda says attack on hospital was mistake
- Insight: For Chinese farmers, a rare welcome in Russia's Far East