Edelman Board Approves Lee Equity's $258M Take-Private Bid

Law360, New York (April 16, 2012, 2:09 PM EDT) -- New York private equity firm Lee Equity Partners LLC has agreed to pay $257.5 million in a take-private acquisition of Houston asset management firm The Edelman Financial Group Inc., Edelman Financial said Monday.

The wealth management firm said Lee Equity would pay $8.85 in cash for each common share of Edelman Financial. That represents a 43 percent premium over Edelman Financial's closing price of $6.18 on the Nasdaq Stock Exchange on Friday, Edelman Financial said.

Under the terms of the agreement, a special committee of Edelman...
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