Pzena Investment Management, Inc. Completes Transaction to Become Private Company

Rhea-AI Summary

Pzena Investment Management (NYSE: PZN) has successfully completed its take-private transaction as of October 31, 2022. Stockholders approved the move during a special meeting on October 27, 2022. Following the closure, PZN Class A stockholders will receive $9.60 per share in cash for their shares. PZN stock has ceased trading and will no longer be listed on the New York Stock Exchange. CEO Richard Pzena expressed excitement about the transition, emphasizing the firm's commitment to enhancing investment excellence for clients.

Positive

• Stockholders received $9.60 per share in cash for Class A shares.
• PZN is now a privately-held company, potentially allowing for more strategic flexibility.

Negative

• PZN stock has been delisted from the New York Stock Exchange, limiting liquidity options for former shareholders.

NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Pzena Investment Management, Inc. (NYSE: PZN) (“PZN”) today announced the completion of its previously announced take-private transaction. Effective today, PZN will operate as a privately-held company owned by the existing partners of Pzena Investment Management, LLC. PZN stockholders approved the transaction at a special meeting on October 27, 2022.

As a result of the completion of the transaction, PZN Class A stockholders will receive $9.60 per share in cash for each Class A share owned immediately before the closing of the transaction. PZN stock ceased trading [prior to market open today] and will no longer be listed on the New York Stock Exchange.

“We are excited to start this next chapter for our firm as a private company,” said CEO Richard Pzena. “I would like to thank our employees, clients, partners, and stockholders for their support during this process and look forward to enhancing our ability to deliver investment excellence on behalf of our clients.”

Additional details can be found on a Form 8-K to be filed with the U.S. Securities and Exchange Commission (the “SEC”). 

Contact
Jessica Doran, 212-355-1600 or doran@pzena.com

FAQ

What is the recent announcement from Pzena Investment Management regarding their stock?

Pzena Investment Management announced the completion of its take-private transaction, resulting in Class A stockholders receiving $9.60 per share.

When did Pzena Investment Management's stock cease trading?

PZN stock ceased trading on October 31, 2022, prior to the market open.

What happens to PZN Class A stockholders after the take-private transaction?

Class A stockholders will receive $9.60 in cash per share for their holdings as part of the transaction.

Why is Pzena Investment Management transitioning to a private company?

CEO Richard Pzena stated the transition allows the firm to focus more on enhancing investment excellence.