Business
B. Riley Financial to Acquire National Holdings
B. Riley to purchase remaining shares of National Holdings at $3.25 per share; Transaction expected to be immediately accretive Merger to enhance platform;
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"B. Riley to purchase remaining shares of National Holdings at $3.25 per share; Transaction expected to be immediately accretive\n Merger to enhance platform; broadens retail distribution; Adds over 700 registered representatives managing $18.9 billion in client assets; NHLD total revenues of $229.9M for fiscal 2020\n\n\nLOS ANGELES and NEW YORK, Jan. 11, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\"), a diversified financial services and business advisory company, has entered a definitive agreement to acquire National Holdings Corporation (NASDAQ: NHLD) (\"National\"), a full-service investment banking and asset management firm that, through its affiliates, provides a range of services including financial advisory, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation and insurance to corporations, institutions, high net-worth individuals and retail investors.\n\n \n \n \n \n \n \n\n \nThe transaction contemplates a merger that would enhance each of the companies' complementary investment banking, capital markets and wealth management businesses, with the potential to meaningfully augment the combined platforms' episodic and recurring results. The transaction has been unanimously approved by the Boards of Directors of both B. Riley and National and recommended by the independent Special Committee of National's Board of Directors.\nUnder the terms of the agreement, B. Riley will commence an all cash tender offer for the remaining shares of National it does not currently own at a purchase price of $3.25 per share. B. Riley currently owns approximately 45% of the common stock of National. National's Board of Directors has recommended to shareholders of National that they tender their shares into the tender offer.\n\"Over the past two years, we have built great respect and appreciation for National's management, as well as for its financial professionals and branch owners whose continued growth will be critical to the success of our combined firms. Through our ongoing partnership, we have validated that our teams can work cohesively to the mutual benefit of our organizations. To be clear, retaining National's management team and preserving its branch owner and representative agreements are critically important to our investment thesis,\" ...