Core Viewpoint - B. Riley Financial's founder, chairman, and co-CEO, Bryant Riley, has proposed to acquire the outstanding shares of the company not currently owned by him, aiming to take the company private at a price of $7.00 per share [1][2]. Group 1 - The acquisition proposal is unsolicited, preliminary, and non-binding, dated August 16, 2024 [1]. - Mr. Riley plans to finance the transaction through debt and possibly equity from third-party capital providers [2]. - The transaction requires "majority of the minority" stockholder approval and is not subject to a financing condition [2]. Group 2 - The Board of Directors will form a Special Committee of independent directors to evaluate the proposal and decide on the next steps [3]. - There is no guarantee that the proposal will lead to a transaction, as the Board has not yet reviewed or evaluated the proposal [3][4]. Group 3 - B. Riley Financial is a diversified financial services platform offering tailored solutions across various sectors, including investment banking, private wealth management, and corporate restructuring [5]. - The company aims to provide comprehensive financial services and opportunistically invests to benefit its shareholders [5].
B. Riley Financial Receives Unsolicited Proposal to Be Taken Private