Banking, finance, and taxes
Investment Bank Duff & Phelps Goes Private
Published:
Last Updated:
The offer represents a 19.2% premium over the stock’s closing price on Friday and 27.3% over the its 30-day volume weighted average share price. The merger agreement includes a “go-shop” period beginning immediately and ending on February 8, during which the bank “will actively solicit and potentially receive, evaluate and enter into negotiations with third parties that offer alternative transaction proposals.” The agreement provides for a breakup fee of $6.65 million in the event Duff & Phelps cancels the deal before March 8.
Shares of Duff & Phelps are up 18.5% at $15.47 in premarket trading this morning, in a 52-week range of $11.36 to $16.50. Shares of Carlyle Group are inactive, having closed at $25.85 on Friday, in a post-IPO range of $20.00 to $27.90.
Paul Ausick
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
