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Wednesday, May 25, 2022

Manning & Napier, Inc. (MN) stock skyrocketed in the Current market; here is why?

Manning & Napier, Inc. (MN) stock gained in the current market after announcing a merger with Callodine. MN’s share price is $12.80, gaining more than 40.50% compared to yesterday’s closing price. MN stock closed at $9.02 at the end of the last trading session. MN’s stock volume was around 22.96K shares in the previous trading session. The current market cap of the Company is about $243.93 million.


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MN: Merger with Callodine

An agreement has been struck between Manning & Napier, Inc. (MN) and Callodine for the acquisition of MN. With a purchase price of $12.85 per share, Manning & Napier’s common stock will be acquired at a 41 percent premium to its March 31 closing price and 55 percent higher than its volume-weighted average price over the previous 90 calendar day period.

To complete its acquisition of Manning & Napier Group, LLC, Callodine will pay M&N Holdings, LLC $12.85 per share. The merger might be completed in the third quarter of 2022 if shareholders accept it. It is anticipated that the company will continue to provide dividends to its stockholders.

MN: Transaction Details

Following the merger, Manning & Napier will remove its stocks from the NYSE’s list and de-register its securities with the Securities and Exchange Commission.

Under a support agreement, MN’s management has pledged to vote their shares of stock in favor of the transaction, provided that certain requirements are met. Approximately 10% of the voting power of Manning & Napier common stock is presently held by these shareholders.

MN CEO’s Remarks

Marc Mayer, Chairman and CEO of Manning & Napier noted that Callodine is a long-term investor and shares the same cultural and business values with strong relationships in upstate and western New York. We feel that the Callodine combination will be beneficial to everyone involved. Over the last half-century, Manning & Napier has been laser-focused on delivering outcomes for its clients. For our customers, we will be even more capable of delivering big results with the addition of Callodine.

Conclusion

The merger has valued the Company at a 41% premium. The Company expects Callodine is the perfect investor that can continue the company’s vision and will create better opportunities for its employees.

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