BALTIMORE, May 15, 2020 /PRNewswire/ -- Legg Mason,
Inc. (NYSE: LM) announced that its shareholders have voted to
approve its proposal to merge with Franklin Resources, Inc.
(NYSE:BEN), a global investment management organization operating
as Franklin Templeton.
During a virtual meeting held today, shareholders approved the
merger, which was announced on February 18,
2020. More than 99 percent of the votes cast were voted in
favor of the merger. Franklin has agreed to acquire Legg Mason for $50.00 per share of common stock in an all-cash
transaction. Franklin will also assume approximately $2 billion of Legg
Mason's outstanding debt as part of the transaction.
Subject to regulatory approval and other closing conditions, the
companies expect the merger to close in the third quarter of this
year.
The acquisition of Legg Mason and
its multiple investment affiliates, which collectively manage over
$763 billion as of April 30,
2020, will establish Franklin
Templeton as one of the world's largest independent,
specialized global investment managers. The combined footprint of
the organization will significantly deepen Franklin Templeton's presence in key geographies
and create an expansive investment platform that is well balanced
between institutional and retail client assets under management
(AUM).
"We are pleased to announce that our shareholders overwhelmingly
support this transaction," said Joseph A.
Sullivan, Chairman and Chief Executive Officer of
Legg Mason. "As we continue our
planning to integrate our two great companies, I'm excited for the
possibilities of a new organization that continues to prioritize
our clients, the ongoing independence of our investment
organizations and a broad distribution footprint."
About Legg Mason
Guided
by a mission of Investing to Improve Lives™, Legg Mason helps investors globally achieve
better financial outcomes by expanding choice across investment
strategies, vehicles and investor access through independent
investment managers with diverse expertise in equity, fixed income,
alternative and liquidity investments. Legg
Mason's assets under management are $763 billion as of April 30, 2020. To learn
more, visit our website, our newsroom, or follow us on LinkedIn,
Twitter, or Facebook.
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SOURCE Legg Mason, Inc.