Calamos Asset Management Inc. has reached an agreement in principle to be acquired by an entity formed by John Calamos, founder of Calamos Investments LLC, and John Koudounis, CEO of the Naperville, Ill.-based asset manager.
Under the agreement in principle, the entity will commence a tender offer to acquire all of the outstanding shares of class A common stock of Calamos Asset Management not previously owned by the acquirer for $8.25 per share in cash. Calamos Asset Management's board formed an independent special committee in October after Calamos and Koudounis expressed an interest in a potential deal. After determining that the transaction would be in the best interest of the company's shareholders, the committee approved the agreement in principle.
The agreement in principle is subject to the final negotiation and execution of a definitive merger agreement, but is not contingent on the acquirer obtaining financing.
As of Sept. 30, 2016, Calamos Asset Management owned 22.2% of Calamos Investments, with the remaining stake owned by Calamos Partners LLC. Calamos and Koudounis own 100% of Calamos Partners, the company said in a statement. Koudounis was appointed as CEO of Calamos Investments and Calamos Asset Management in April.
Calamos Investments offers financial services through its subsidiaries Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC.