W.P. Stewart & Co. LLC did not reach the milestone set when AllianceBernstein Holding LP bought the company.
At the time of the acquisition on Dec. 12, 2013, AllianceBernstein offered $12 for each share of W.P. Stewart, which had about $2.1 billion in AUM. AllianceBernstein agreed to pay an extra $4 per share in cash if the AUM of the acquired investment business exceeded $5 billion by Dec. 12.
W.P. Stewart's AUM did not reach that mark, AllianceBernstein disclosed in a regulatory filing.