CIFC to be acquired by F.A.B. Partners for $333 million cash

By Angela McDaniels

Tacoma, Wash., Aug. 19 – F.A.B. Partners will acquire CIFC LLC for about $333 million of cash, according to a CIFC news release.

Under the terms of the merger agreement, CIFC shareholders will be entitled to receive $11.46 of cash per share, or $11.36 per share plus a $0.10 per share distribution that will be paid Sept. 12 to shareholders of record as of Aug. 31. This payment is a premium of almost 65% over CIFC's closing share price of $6.95 (Nasdaq: CIFC) on Friday.

The transaction has been approved by CIFC's board of directors. Columbus Nova, CIFC's majority shareholder, has agreed to vote its shares in favor of the transaction.

The transaction is expected to close before the end of the year.

J.P. Morgan Securities LLC is acting as financial adviser to CIFC.

CIFC, formerly CIFC Corp., is a private debt manager based in New York.

F.A.B. is an alternative investment platform based in Jersey. It has capital backing for the acquisition from Supreme Universal Holdings Ltd., a company controlled by Qatar's royal family.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.