AP News

Leucadia's purchase of Jefferies will close Friday


NEW YORK (AP) — Leucadia National Corp.'s $2.8 billion acquisition of Jefferies Group Inc. will close Friday, the companies say.

Leucadia, a diversified holding company, agreed to acquire the investment banking firm in November in an all-stock deal. Leucadia already held a 28.6 percent stake in Jefferies, and Jefferies shareholders will own 35.3 percent of the new Leucadia.

Jefferies Chairman and CEO Richard Handler will become the CEO of Leucadia. Leucadia's Chairman and CEO Ian Cumming will retire but remain on the board, and Leucadia President Joseph Steinberg will become the company's new chairman. Four Jefferies directors will join Leucadia's board, which will expand to 14 members.

Jefferies shares have risen 52.2 percent since the deal was announced on Nov. 12. The shares finished at $14.27 on Nov. 9, the last trading day before the purchase was announced, and they gained 9 cents to $21.72 Thursday.

Leucadia stock added 19 cents to $26.90 Thursday. Its value has increased 26.8 percent from its Nov. 9 closing price.


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