Franklin Resources announced Tuesday that it plans to buy rival asset manager Legg Mason in a deal for $50 per share, according to Bloomberg, confirming an earlier leak from the WSJ
- FRANKLIN TEMPLETON TO BUY LEGG MASON FOR $50.00/SHR
San Mateo, California-based Franklin, has $698 billion in assets, and Baltimore-based Legg Mason manages about $804 billion, would boost assets under management for Franklin Resources, owner of investment manager Franklin Templeton, to $1.5 trillion after the deal closes.
Legg Mason shares have jumped up to the 50-handle in pre-market, or up about +23%.
The story is developing…
Tue, 02/18/2020 – 07:46
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Author: Tyler Durden