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Rating:Seligman is Said to be on the Block Again Not Rated 4.4 Email Routing List Email & Route  Print Print
Wednesday, April 23, 2008

Seligman is Said to be on the Block Again

by: Erin Kello

J.W. Seligman is up for sale, reports Dow Jones' Eric Baum. He cites Ameriprise and Lincoln Financial possible bidders for the New York City-based company.

A spokesman for Seligman declined to comment.

Both possible buyers already have a mutual fund arm, with Lincoln operating its funds under the Delaware Investments brand; and Ameriprise operating its funds under the RiverSource brand.

While the identity of Seligman's banker is not known, Baum reports that Merrill Lynch & Co. filled the role when Seligman last tried tried to sell it self to New York Life Insurance Co. in 2003. That deal fell through because neither party could agree on a price, according to Baum. New York Life reportedly offered to pay slightly north of $200 million.

The 2003 sale may have been prompted by charges that then-New York Attorney General Eliot Spitzer brought against the fund firm for market-timing. Seligman's CEO at the time, Brian Zino, became well-known in the fund industry for joining a suit against Spitzer that alleged he had overstepped his legal authority and had taken on powers rightly resting with Congress and the SEC.  

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