Manning and Napier to go private after being acquired by Callodine Group

Manning & Napier (NYSE:MN) to go Private after being acquired by assets management company Callodine Group. Callodine Group is set to pay $12.85 per share which represents a 41% premium on the closing price of Manning & Napier share on 31^st March, 2022. The deal is expected to close in the third quarter of 2022. Shares of Manning & Napier are up 40% following this news.

Details of the deal

The New York based investment firm will delist from the New York Stock Exchange after the transaction closes, which is expected to be in the 3^rd quarter of 2022. Callodine Group will also purchase all the outstanding interests from M&N Holdings at a price of $12.85 per share.

The deal is subject to shareholders approval and customary closing conditions. Callodine to bring the acquisition in collaboration with East Asset Management ("EAM"). Chairman and CEO of Manning & Napier, Marc Mayer said:

Management

Marc Mayer, CEO of Manning & Napier will hold his position and will roll a noteworthy section of his currently held shares into the new private company. The acquisition will provide Manning & Napier with capital, long term stability and additional investment capabilities to guide the company to the next phase of success. Founder and CEO of Callodine, James Morrow said :