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December 20, 2016 at 10:04 AM
Calamos Asset Management says its shares are set to be fully acquired by its founder and Chairman John Calamos and CEO John Koudounis, who — along with other members of the Calamos family — already own a majority stake in the firm. After the deal is complete, the firm will operate as a private entity.
The news was announced Tuesday and comes as the Chicago-based firm is moving to stem asset outflows.
“As investors at Calamos, we have always taken the long view. I believe a fully private ownership structure will enable John Koudounis to focus on managing our business to his vision for our firm’s long-term growth,” John Calamos said in a statement.
The deal is being structured as a tender offer through which an entity formed by Calamos and Koudounis will buy any outstanding shares of Class A common stock of Calamos Asset Management for $8.25 a share in cash.
CAM’s board formed an independent special committee to explore such a transaction in October. The committee concluded that the proposed transaction “would be fair and in the best interests of the company’s public shareholders,” according to a press release.
“Upon arriving at Calamos [in April 2016], I directed an extensive analysis of our corporate structure. Being a fully private company — consistent with 95% of asset managers today — will allow us to manage the business with the same long-term view that we apply to our investment approach,” Koudounis said in a statement. “By eliminating the distraction of the market’s increased focus on short-term metrics, we can be singularly dedicated to improving our key performance areas.”
