One day after Legg Mason [profile] promoted an insider to the position of CEO, the Baltimore-based asset manager's chairman reiterated that a private equity buyout was unlikely, reported the Wall Street Journal.

Chairman W. Allen Reed said that the talk of a buyout "comes from people that don’t have a very good understanding of how this company operates," in a WSJ interview.

He didn't completely kill the idea, though, noting that Legg "will always consider all options."

Reporter Mia Lamar noted one analyst who says the appointment of new CEO Joe Sullivan makes a buyout even more unlikely.

For more details, check out the original article here. 

Edited by: Ben Geier


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