Associated Capital Group's board authorized the company to explore an offer to exchange its common shares for common shares of Morgan Group Holding Co.

The company expects the analysis of the offer to be completed by the end of the first quarter of 2020.

Associated Capital merged its institutional research business, G.research LLC, with Morgan Group. Under the terms of the deal, Morgan Group issued 50 million common shares to Associated Capital. Associated Capital owns 83% of Morgan Group's outstanding common shares.