Manning & Napier, Inc. (NYSE: MN)
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Manning & Napierbreached their fiduciary duties in connection with the proposed sale of the Company to Callodine Group, LLC.
On April 1, 2022, announced that it had agreed to be acquired by Callodine Group, LLC (“Callodine”) for $12.85 per share. Following the closing of the proposed transaction, Manning & Napier’s will be a private Company.
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The investigation concerns whether the Manning & Napier board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Manning & Napier shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal price represents adequate consideration, especially given Manning & Napier has little debt and over $4.50 per share in cash.
If you are a shareholder of Manning & Napier and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.