Sunday, 29 March 2015
Last updated 1 day ago
Oct 11 2012 | 1:46pm ET
BlackRock and a group of investors is mulling a £2.5 billion bid for the Man Group, a British tabloid reports.
According to the Daily Mail, BlackRock and "friends" might be readying an offer for the publicly-traded hedge fund giant, which has hit on hard times. BlackRock owns 9.35% of Man and has long been mooted as a possible bidder for the firm.
A £2.5 billion offer would represent a huge premium to Man's current share price. The offer would be about £1.40 per share, Man has been trading at below £0.90 per share and as recently as June was as low as £0.61.
Man shares shot up to as high as £0.96 per share after the Mail's report yesterday, but ended trading today back below £0.90. And while the rumors put some juice in Man shares, some remain skeptical.
"We do not see the logic of acquiring a company whose funds, in our opinion, are underperforming key benchmarks and experiencing net outflows," RBS Capital Markets analyst Peter Lenardos wrote in a note yesterday. "Further, we continued to believe that AHL," Man's flagship strategy, "is priced above competitors despite having weaker performance." Lenardos pronounced a BlackRock bid "unlikely."
"Man will provide the market with a third-quarter update on Oct. 18," the Mail wrote. "It could possibly be its last as an independent company."
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…