Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A 274-Employee Fund Firm Pushes Its Sale Back Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 29, 2022

A 274-Employee Fund Firm Pushes Its Sale Back

Reported by Neil Anderson, Managing Editor

The sale of a 274-employee (as of June 30), $18.7-billion-AUM (as of August 31), 52-year-old fund firm is being delayed a bit.

Marc O. Mayer
Manning & Napier, Inc.
Chairman, CEO
Yesterday, Marc Mayer, chairman and CEO of Fairport, New York-based Manning & Napier, Inc. [profile], confirmed that Callodine Group LLC's planned purchase of Manning is now expected to close next month. The $293-million deal was previously expected to close by the end of Q3 2022 (i.e. by tomorrow).

The updated merger agreement includes December 1 as the new "outside date," i.e. a kind of deadline that, if reached without the deal closing, allows either party to terminate the deal without cause. The Manning team notes that the deal "remains subject to regulatory clearance by the New Hampshire Banking Department and [Finra], and the satisfaction or waiver of other customary closing conditions."

"We continue to work diligently to conclude the regulatory review processes necessary to close our transaction," Mayer states. "In order to continue to productively engage with the regulators, we have revised our outlook and now expect the transaction to close in October 2022. We appreciate the continued support of our employees, clients and shareholders and look forward to the Company's next chapter."

Boston-based Callodine officially agreed back in April to take Manning private, as previously reported. Manning IPOed in 2011. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use