The Edelman Financial Group Announces End of "Go Shop" Period
The Edelman Financial Group Inc. (NASDAQ: EF) today announced that the "go shop" period set forth in the previously announced merger agreement, entered into on April 16, 2012, by and among TEFG, Summer Holdings II, Inc., and Summer Merger Sub, Inc., a wholly owned subsidiary of Parent has expired. Parent and Merger Sub were formed by affiliates of Lee Equity Partners, LLC, a New York based private equity firm. The Merger Agreement was negotiated on behalf of the Company by a special committee of the Board of Directors of the Company composed entirely of independent directors, with the assistance of independent financial and legal advisors.
Under the merger agreement, the Special Committee, on behalf of TEFG, and its representatives had the right to solicit alternative acquisition proposals from third parties during a "go shop" period that expired at 11:59 p.m. (EDT) on May 26, 2012. During the "go shop" period, Stephens Inc., the Special Committee's financial advisor, contacted potential acquirers that it and the Special Committee believed might have an interest in an alternative transaction to the merger with Parent. The Special Committee did not receive any alternative acquisition proposals from third parties during the "go shop" period.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.