NFP shareholders OK sale of company
NEW YORK (AP) — National Financial Partners Corp. said Thursday that its shareholders have voted to approve the wealth management services provider's plan to sell itself to private equity firm Madison Dearborn Partners LLC for about $1.01 billion.
NFP said that at Wednesday's meeting, 79.3 percent of its total outstanding common stock was voted in person or by proxy. Of those shares, about 97.9 percent were voted in favor of the deal, the company said.
Under the terms of the agreement struck in April, NFP shareholders will receive $25.35 in cash for each of their shares. The New York firm is led by Jessica Bibliowicz, the daughter of former Citigroup CEO Sandy Weill.
NFP also said Thursday that its broker-dealer subsidiaries received approval from the Financial Industry Regulatory Authority for the indirect change of ownership and control that will result when the deal closes.
The sale is expected to close on July 1. When that happens, NFP will become a privately-held company and its common stock will cease to trade on the New York Stock Exchange.
NFP shares slipped a penny to $25.30 in morning trading.