The sale of a 274-employee (as of June 30), $18.7-billion-AUM
(as of August 31
), 52-year-old fund firm is being delayed a bit.
| Marc O. Mayer|
Manning & Napier, Inc.
Yesterday, Marc Mayer
, chairman and CEO of Fairport, New York-based Manning & Napier, Inc.
that Callodine Group LLC's
planned purchase of Manning is now expected
to close next month. The $293-million deal was previously expected to close by the end of Q3 2022 (i.e. by tomorrow).
The updated merger agreement includes December 1 as the new "outside date," i.e. a kind of deadline that, if reached without the deal closing, allows either party to terminate the deal without cause. The Manning team notes that the deal "remains subject to regulatory clearance by the New Hampshire Banking Department and [Finra], and the satisfaction or waiver of other customary closing conditions."
"We continue to work diligently to conclude the regulatory review processes necessary to close our transaction," Mayer states. "In order to continue to productively engage with the regulators, we have revised our outlook and now expect the transaction to close in October 2022. We appreciate the continued support of our employees, clients and shareholders and look forward to the Company's next chapter."
Boston-based Callodine officially agreed back in April to take Manning private, as previously reported
. Manning IPOed in 2011.
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