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Kennedy Cabot Acquisition LLC will acquire about 90% of Siebert Financial Corp.'s outstanding common stock from the Estate of Muriel Siebert for an aggregate purchase price of nearly $12.7 million, or about 66 cents per share.
The Siebert Estate is a beneficial owner of nearly 87.4% of Siebert Financial's outstanding common stock.
Under the terms of the deal, Kennedy Cabot will make a tender offer for Siebert Financial shares not owned by the Siebert Estate at an offer price of $1.20 per share. Siebert Financial shareholders may choose to accept the offer or continue to remain shareholders.
The acquisition agreement does not provide for the merger of Siebert Financial with...