Edelman Financial (EF) Says 'Go Shop' Period Ends, Sees Closing Merger in Q312
Tweet
Share
E-mail
The Edelman Financial Group Inc. (Nasdaq: EF) announced that the "go shop" period set forth in the previously announced merger agreement, entered into on April 16, 2012, by and among TEFG, Summer Holdings II, Inc., and Summer Merger Sub, Inc., a wholly owned subsidiary of Parent has expired.
Parent and Merger Sub were formed by affiliates of Lee Equity Partners, LLC, a New York based private equity firm. The Merger Agreement was negotiated on behalf of the Company by a special committee of the Board of Directors of the Company composed entirely of independent directors, with the assistance of independent financial and legal advisors.
Under the merger agreement, the Special Committee, on behalf of TEFG, and its representatives had the right to solicit alternative acquisition proposals from third parties during a "go shop" period that expired at 11:59 p.m. (EDT) on May 26, 2012. During the "go shop" period, Stephens Inc., the Special Committee's financial advisor, contacted potential acquirers that it and the Special Committee believed might have an interest in an alternative transaction to the merger with Parent. The Special Committee did not receive any alternative acquisition proposals from third parties during the "go shop" period.
The parties currently expect to complete the merger during the third quarter of 2012, subject to customary closing conditions, including receipt of shareholder approval. Following completion of the transaction, TEFG will become a privately held company owned primarily by Lee Equity Partners and its stock will no longer trade on the Nasdaq Stock Market.
Parent and Merger Sub were formed by affiliates of Lee Equity Partners, LLC, a New York based private equity firm. The Merger Agreement was negotiated on behalf of the Company by a special committee of the Board of Directors of the Company composed entirely of independent directors, with the assistance of independent financial and legal advisors.
Under the merger agreement, the Special Committee, on behalf of TEFG, and its representatives had the right to solicit alternative acquisition proposals from third parties during a "go shop" period that expired at 11:59 p.m. (EDT) on May 26, 2012. During the "go shop" period, Stephens Inc., the Special Committee's financial advisor, contacted potential acquirers that it and the Special Committee believed might have an interest in an alternative transaction to the merger with Parent. The Special Committee did not receive any alternative acquisition proposals from third parties during the "go shop" period.
The parties currently expect to complete the merger during the third quarter of 2012, subject to customary closing conditions, including receipt of shareholder approval. Following completion of the transaction, TEFG will become a privately held company owned primarily by Lee Equity Partners and its stock will no longer trade on the Nasdaq Stock Market.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- McCormick board member to resign after CFO appointment at Best Buy
- AiRWA receives Nasdaq deficiency notice over late 10-K filing
- Peabody Energy COO to shift to consulting role starting 2027
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsRelated Entities
Stephens Inc., Edelman Financial Group/Lee Equity PartnersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
