The Edelman Financial Group Shareholders Approve Merger Agreement
The Edelman Financial Group Inc. (NASDAQ: EF) announced that its shareholders today voted to adopt the previously announced merger agreement with an affiliate of Lee Equity Partners, LLC, a New York private equity firm.
The parties intend to consummate the merger on September 19, 2012. Upon consummation of the merger, TEFG shareholders will receive $8.85 in cash for each share of TEFG common stock. At the completion of the transaction, TEFG will become a privately held company and its stock will no longer trade on the Nasdaq Stock Market.
Based on a preliminary vote count, the adoption of the merger agreement was approved by over 95% of the Company's shares of common stock that were voted and by approximately 74% of the Company's outstanding shares of common stock not held by members of management and affiliates of Lee Equity. Approximately 85% of the eligible shares were voted at the meeting.
Ric Edelman, Chief Executive Officer of The Edelman Financial Group, said, "We are pleased with the results of the vote by our shareholders. We appreciate the shareholder and employee support that we have received throughout this process."
Thomas H. Lee, President of Lee Equity, commented, "We are excited to partner with Ric and the team at The Edelman Financial Group as the company continues its tradition of delivering excellent services to its clients."
Following the closing of the merger, shareholders of record will receive a letter of transmittal and instructions on how to submit The Edelman Financial Group stock in exchange for the $8.85 per share merger consideration. Shareholders should wait to receive such documents before attempting to transmit any certificates.
About The Edelman Financial Group
The Edelman Financial Group is a wealth management company that manages over $18.0 billion in client assets. Client assets include the gross value of assets under management directly or via outside managers and assets held in brokerage accounts for clients by outside clearing firms. The Edelman Financial Group has approximately 500 employees in 21 states. Additional information is available at www.edelmanfinancial.com.
About Lee Equity Partners
Lee Equity Partners is a middle-market private equity investment firm managing more than $1 billion of capital. Lee Equity was founded by Thomas H. Lee and focuses on control buyouts and growth capital financings, typically investing $30 million to $150 million per transaction in companies with enterprise values of $100 million to $500 million. The firm seeks to partner with top-tier management teams to build companies with differentiated market position and high growth potential. Target sectors include business services, consumer/retail, distribution/logistics, financial services, healthcare services, and media.