BALTIMORE, Dec. 22, 2017 /PRNewswire/ -- Legg Mason,
Inc. (NYSE: LM) today announced that the Company has entered into
an agreement with Shanda Asset Management Investment Limited to
repurchase the 5,567,653 shares of the Company's common stock
beneficially owned by Shanda. The Company agreed to
repurchase the shares for $40.50 per
share in a private transaction.
The aggregate purchase of $225.5
million is effectively an acceleration of the Company's
authorized repurchase program for the next three quarters and, as a
result, the Company will not repurchase shares in the market prior
to the December 2018
quarter.
Until October 2018, the Company
will apply funds that otherwise would have been allocated to share
repurchases to pay down amounts that were drawn under the Company's
revolving credit line in connection with the repurchase of shares
from Shanda.
About Legg Mason
Legg Mason is a global asset
management firm with $763 billion in
assets under management as of November 30,
2017. The Company provides active asset management in many
major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is
listed on the New York Stock Exchange (symbol: LM).
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SOURCE Legg Mason, Inc.