Legg Mason (LM) Denies Rumors Co. Could Go Private
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Responding to a New York Post article published this weekend saying Legg Mason (NYSE: LM) was considering taking itself private, Legg Mason management issued a statement this morning saying that its current business strategy has not changed and the company is not in talks to go private.
The NYPost article claimed that Legg Mason had been considering a private-equity deal in which investors such as Kohlberg Kravis Roberts & Co. would buy the company and spin off several of its funds.
The Street is responding negatively to Legg's statement made earlier: the stock has fallen more than 10% from Friday's close and most recently traded at $36.15.
Legg Mason, Inc., through its subsidiaries, provides investment management and related financial services to institutional and individual clients, company-sponsored mutual funds, and other investment vehicles.
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