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

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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 31st 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 3rd 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:

We view the combination with Callodine as providing significant benefits to all stakeholders. Manning & Napier has been relentlessly focused on client outcomes since our founding more than 50 years ago, and, under the umbrella of Callodine, we will be even better positioned to deliver meaningful outcomes for our clients over the long term

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 :

Manning & Napier represents a best-in-class investment management firm that we are thrilled to welcome to the Callodine Group platform. Growing up in Rochester, NY and having previously been a shareholder of the Company after its IPO, we know this is a business with a long and proud tradition of delivering outstanding results for clients. We look forward to partnering with the current management team to continue to uphold that standard of excellence.

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