NEW YORK (AP) — National Financial Partners Corp. said Thursday that its shareholders have voted to approve the wealth management services provider's plan to sell itself to private equity firm Madison Dearborn Partners for about $1.01 billion.
NFP said that at Wednesday's meeting, 79.3 percent of its total outstanding common stock was voted in person or by proxy. Of those shares, about 97.9 percent were voted in favor of the deal, the company said.
Under the terms of the agreement struck in April, NFP shareholders will receive $25.35 in cash for each of their shares. The New York firm is led by Jessica Bibliowicz, the daughter of former Citigroup CEO Sandy Weill.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
