Siebert Financial Corp. and Kennedy Cabot Acquisition LLC have completed their agreement under which Kennedy Cabot acquired about 87.5% of Siebert Financial's outstanding common shares from the estate of Muriel Siebert.
Kennedy Cabot also purchased all of Siebert Financial's stock tendered in a tender offer that expired Dec. 15. The tender offer purchase included all the shares held by Muriel F. Siebert Foundation Inc. This makes Kennedy Cabot the holder of more than 90% of Siebert Financial's stock.
The acquisition, which does not provide for the merger of Siebert Financial with or into Kennedy Cabot, was approved by FINRA.