Legg Mason (LM) Rips Higher as Private Equity Shows Interest
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Legg Mason Inc (NYSE: LM) popped higher Thursday afternoon after a Reuters report revealed potential interest from private equity firms.
According to senior management, Legg Mason was approached by more than one private equity firm, but decided against exploring a sale until it has a new chief executive. Legg's board refused to engage in discussions with the potential suitors, Reuters noted.
In 2006, Legg Mason shares peaking at $130, but in recently funds run by the company have underperformed and the stock price dropped to a paltry $27 per share.
The report did not mention the names of potential suitors or how the rumored deal might be structured.
Shares of Legg Mason climbed 4.7 percent to $27.22 intra-day on Thursday.
According to senior management, Legg Mason was approached by more than one private equity firm, but decided against exploring a sale until it has a new chief executive. Legg's board refused to engage in discussions with the potential suitors, Reuters noted.
In 2006, Legg Mason shares peaking at $130, but in recently funds run by the company have underperformed and the stock price dropped to a paltry $27 per share.
The report did not mention the names of potential suitors or how the rumored deal might be structured.
Shares of Legg Mason climbed 4.7 percent to $27.22 intra-day on Thursday.
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