trending Market Intelligence /marketintelligence/en/news-insights/trending/i_ExzSqcu-Amxo07eqzYQQ2 content esgSubNav
In This List

Old Mutual launches share offer in asset management unit

Blog

Banking Essentials Newsletter: July Edition - Part 2

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration

Blog

Taking Loss Given Default Estimation to the Next Level: An Aspiration for All Creditors, Not Just Banks

Blog

Anticipate the Unknown A Fundamentals Approach to Detect Early Signs of Private Company Credit Deterioration


Old Mutual launches share offer in asset management unit

Old Mutual Plc, which is splitting itself into four stand-alone businesses, launched a public offering of 13 million ordinary shares in unit OM Asset Management plc.

Old Mutual said Dec. 13 that it offered the shares through wholly owned subsidiary OM Group (UK) Ltd. Underwriters have a 30-day option to purchase up to a 1.95 million additional ordinary shares at the public offering price, minus the underwriting discount.

The proceeds of the public offering will be used for general corporate purposes, the company noted.

Separately, OM Asset Management entered into an agreement with Old Mutual and OM Group (UK) to repurchase 6 million ordinary shares directly from OM Group (UK) in a private transaction at the price per ordinary share sold to the public by OM Group (UK) in the public offering. The closing of the repurchase transaction is subject to the closing of the public offering, among other conditions.

Old Mutual said it intends to continue reducing its holdings in OM Asset Management "in an orderly manner which balances value, cost, time and risk."

BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup, Credit Suisse Securities (USA) LLC and Evercore ISI are acting as joint book runners for the offering.