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BRIEF-OM Asset Management launches public offering, signs repurchase agreement with Old Mutual
December 13, 2016 / 7:12 AM / a year ago

BRIEF-OM Asset Management launches public offering, signs repurchase agreement with Old Mutual

Dec 13 (Reuters) - Old mutual plc

* Jse: Oml - Om Asset Management Launches Public Offering And Enters Into A Repurchase Agreement With Old Mutual Plc

* Proceeds to Old Mutual from proposed offering and repurchase agreement are expected to be used for general corporate purposes

* BofA Merrill lynch, Morgan Stanley & Co. LLC, Citigroup, Credit Suisse Securities (USA) LLC and Evercore ISI are acting as joint bookrunning managers for offering

* Om Asset Management Plc (“omam”) has launched a public offering of 13 million of its ordinary shares

* Ordinary shares are being offered by Old Mutual, through its wholly owned subsidiary, OM Group (UK) limited

* Underwriters also have a 30-day option to purchase up to an additional 1.95 million ordinary shares at public offering price

* Omam agreed to repurchase 6 million ordinary shares directly from OM Group

* Old Mutual intends to continue reduction of its holdings in omam in an orderly manner which balances value, cost, time, and risk Source text for Eikon: Further company coverage:

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