FAIRPORT, N.Y., Sept. 28,
2022 /PRNewswire/ -- Manning & Napier, Inc.
(NYSE: MN), ("Manning & Napier" or "the
Company") today announced the extension of the outside date under
the merger agreement with Callodine Group LLC ("Callodine") to
December 1, 2022.
"We continue to work diligently to conclude the regulatory
review processes necessary to close our transaction," said
Marc Mayer, Chairman and CEO of
Manning & Napier. "In order to continue to productively engage
with the regulators, we have revised our outlook and now expect the
transaction to close in October 2022.
We appreciate the continued support of our employees, clients and
shareholders and look forward to the Company's next chapter."
On September 28, 2022, Manning
& Napier delivered to Callodine a confirmatory notice that the
Company thereby extends the Termination Date, as defined in the
Merger Agreement, to December 1,
2022. The merger remains subject to regulatory clearance by
the New Hampshire Banking Department and the Financial Industry
Regulatory Authority, and the satisfaction or waiver of other
customary closing conditions. The parties currently expect to close
the transaction in October 2022.
About Callodine Group
Callodine Group is an
asset management platform with approximately $2
billion in assets that specializes in yield-oriented
investment strategies. The firm has the ability to invest across
the capital structure in multiple asset classes and pursues
income-oriented investments with high cash yields and the potential
for equity-like returns. Callodine's asset management subsidiaries
target investment strategies across public equities, private credit
and real estate on behalf of their individual and institutional
investor clients. For additional information about the firm, please
visit Callodine's website at www.callodine.com.
About Manning & Napier, Inc.
Manning & Napier
(NYSE: MN) provides a broad range of investment solutions through
separately managed accounts, mutual funds, and collective
investment trust funds, as well as a variety of consultative
services that complement our investment process. Founded in 1970,
we offer equity, fixed income and alternative strategies, as well
as a range of blended asset portfolios, including life cycle funds.
We serve a diversified client base of high-net-worth individuals
and institutions, including 401(k) plans, pension plans,
Taft-Hartley plans, endowments and foundations. For many of these
clients, our relationship goes beyond investment management and
includes customized solutions that address key issues and solve
client-specific problems. We are headquartered in Fairport, NY and had 274 employees as of
June 30, 2022.
Forward Looking Statement
This communication includes
statements that are forward-looking statements made pursuant to the
safe harbor provisions of the Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including statements regarding the proposed
acquisition of the Company, stockholder and other approvals, the
expected timetable for completing the proposed transaction and any
other statements regarding the Company's future expectations,
beliefs, plans, objectives, financial conditions, assumptions or
future events or performance that are not historical facts. This
information may involve risks and uncertainties that could cause
actual results to differ materially from such forward-looking
statements. These risks and uncertainties include, but are not
limited to: failure to obtain the required vote of the Company's
stockholders; the timing to consummate the proposed transaction;
satisfaction of the conditions to closing of the proposed
transaction may not be satisfied; the risk that a regulatory
approval that may be required for the proposed transaction is not
obtained or is obtained subject to conditions that are not
anticipated; the diversion of management's time on
transaction-related issues.
All statements, other than statements of historical fact,
including statements regarding guidance, industry prospects, future
results of operations or financial position, expected sources of
incremental margin, strategy, financing needs, future capital
expenditures and the outcome or effect of ongoing litigation,
should be considered forward looking statements made in good faith
by the Company, as applicable, and are intended to qualify for the
safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. When used in this communication, or
any other documents, words such as "anticipate," "believe,"
"estimate," "expect," "forecast," "goal," "intend," "objective,"
"plan," "project," "seek," "strategy," "target," "will" and similar
expressions are intended to identify forward looking statements.
These forward looking statements are based on the beliefs and
assumptions of management at the time that these statements were
prepared and are inherently uncertain. Such forward looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward looking statements. These risks and uncertainties,
as well as other risks and uncertainties that could cause our
actual results to differ materially from those expressed in the
forward looking statements, are described in greater detail under
the heading "Item 1A. Risk Factors" on Form 10-K for the year ended
December 31, 2021 and in any other
SEC filings made by the Company. The company cautions that these
risks and factors are not exclusive. Management cautions against
putting undue reliance on forward-looking statements or projecting
any future results based on such statements or present or prior
earnings levels. Forward-looking statements speak only as of the
date of this communication, and the Company does not undertake any
obligation to update or supplement any forward-looking statements
to reflect actual results, new information, future events, changes
in its expectations or other circumstances that exist after the
date as of which the forward-looking statements were made.
Contacts
Investor Relations
Contact
Emily Blum
Prosek Partners
973-464-5240
eblum@prosek.com
Public Relations Contact
Nicole Kingsley Brunner
Manning & Napier, Inc.
585-325-6880
nbrunner@manning-napier.com
View original
content:https://www.prnewswire.com/news-releases/manning--napier-inc-transaction-update-301635967.html
SOURCE Manning & Napier, Inc.
