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Ladenburg Thalmann buys back over $130M stock from former chairman

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Ladenburg Thalmann buys back over $130M stock from former chairman

Ladenburg Thalmann Financial Services Inc. repurchased 50.9 million of its common shares from its largest shareholder and former chairman, Phillip Frost, and his affiliates.

The stock was purchased at $2.50 per share. The consideration for the transactions comprised $53.9 million in cash and $76.35 million in newly issued 7.25% senior notes due 2028, issued to Frost and his affiliates. Also, all of Frost's 3.61 million stock options were cancelled in exchange for a payment of $3.0 million.

Houlihan Lokey acted as financial adviser to Ladenburg Thalmann.