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Stock Market & Financial Investment News

News Breaks
December 3, 2013
09:07 EDTCIFCColumbus Nova to acquire controlling interest in CIFC
CIFC announced a definitive agreement pursuant to which Columbus Nova, one of the Company's largest current shareholders, will acquire a controlling interest in the Company. Columbus Nova has committed to purchase, in a private transaction, an additional 9,090,909 shares of outstanding common stock of the Company at $9.00 per share from CIFC Parent Holdings which is controlled by funds managed by Charlesbank Capital Partners. Following the Transaction, Columbus Nova will own approximately 71% of the Company's outstanding shares, assuming conversion of the notes held by Columbus Nova that are convertible into approximately 4.1M additional shares. The Transaction is expected to close before year end and is subject to customary closing conditions. In connection with the Transaction, Peter Gleysteen, the Company's Founder, President and CEO has entered into a multi-year contract to serve as Vice Chairman of the Company's Board of Directors, and will be actively involved in managing certain of the Company's legacy collateralized loan obligations.
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