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News Breaks | | | | February 14, 2013 | | 07:21 EDT |  | LM | Legg Mason buyout less likely, WSJ reports
Legg Mason (LM) “never considered” a private-equity buyout, says Chairman W. Allen Reed, reports the Wall Street Journal. The firm formally named interim CEO Joseph Sullivan to the firm’s top position yesterday. In an interview, Reed said the buyout chatter “comes from people that don’t have a very good understanding of how this company operates,” adding that the company’s model as head of a network of investment subsidiaries would make dismantling Legg Mason “a very difficult thing to do” without destroying shareholder value. The elevation of a company insider, who appears committed to the company’s multi-manager model, in itself lessens the likelihood of a PE buyout.Reference Link | |
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News For LM From The Last 14 Days Check below for free stories on LM the last two weeks. |
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| May 16, 2013 | | 12:28 EDT |  | LM | Legg Mason management to meet with Jefferies
Meetings to be held in London on May 22-23 hosted by Jefferies. | | | May 10, 2013 | | 08:00 EDT |  | LM | Legg Mason reports assets under management $655B as of April 30
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