Is Legg Mason On The Block?
The asset management sector continues to look for the next big deal and this time Legg Mason is the topic of takeover rumors. Last week, sale speculation drove up Legg Mason’s option trading to five times the normal levels. But there was no mention of details or who might buy Legg Mason. Is Legg up for sale? I’m hearing that the money manager isn’t currently on the block. But Legg, which had $659 billion AUM as of July 31, is vulnerable. In May, the firm unveiled a restructuring that included 350 layoffs and a $1 billion stock buyback plan.
30 August 2010•2 mins read
