Why Ladenburg Thalmann Stock Surged 23% Today
Shares of Ladenburg Thalmann Financial Services (NYSEMKT: LTS) jumped more than 20% on Tuesday after the brokerage and advisory company agreed to a merger.
Wealth management firm Advisor Group is acquiring Ladenburg for $3.50 per share in cash, which represents an approximately 25% premium to Ladenburg's closing price on Monday. The deal values Ladenburg at an enterprise value of $1.3 billion, which factors in the company's common stock, preferred stock, and debt.
"This is a transaction that maximizes value for our shareholders, while positioning our financial advisors for continued growth and success," Ladenburg Thalmann Chairman and CEO Richard Lampen said in a press release.
Source Fool.com
