NEW YORK (AP) -- Financial advisory and investment banking firm Duff & Phelps said Monday that its $665.5 million takeover by a group of private equity firms, including The Carlyle Group LP, will proceed since the period to solicit other bids is over and no other offers materialized.
Duff & Phelps agreed to be acquired by Carlyle and the other firms in December. A "go-shop" period, when the firm could negotiate, accept or solicit other offers, expired on Friday. Duff & Phelps can no longer seek out better bids, meaning the deal is likelier to go through. It's still expected to close by the end of June.
Duff & Phelps said its financial adviser Centerview Partners contacted 27 potential buyers during the period.
A group of funds managed by The Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group will pay $15.55 per share for the New York company. That was 19 percent above the company's closing stock price the day before the offer.
Shares fell 8 cents to close at $15.50 Monday.
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