Dechert LLP is representing CIFC LLC, a U.S. private debt investment manager, in its sale announced today for approximately $333m in cash to an affiliate of F.A.B. Partners ("F.A.B."), an alternative investment platform.
Under the terms of the merger agreement, CIFC shareholders will be entitled to receive $11.46 in cash per share – $11.36 per share as consideration in the merger, plus a $0.10 per share distribution detailed below – representing a premium of more than 60% over CIFC's closing share price on August 19, 2016, and a premium of approximately 160% over the January 27, 2016 closing share price, the day prior to CIFC's announcement of its pursuit of strategic alternatives to accelerate the growth of its business. The CIFC Board has declared a cash distribution of $0.10 per share to be paid on September 12, 2016 to shareholders of record as of the close of business on August 31, 2016.
Dechert’s team is led by Derek Winokur and includes corporate associates Jonathan Bush, Cody Cowper and Kevin Silk and Finance partner Sean Solis.
Read the full press release: CIFC To Be Acquired By F.A.B. Partners For $333 Million in Cash
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