The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:John Calamos Takes His Firm Private Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, December 19, 2016

John Calamos Takes His Firm Private

Reported by Katy Golvala

Calamos Asset Management founder John Calamos and CEO John Koudounis have announced a deal to take the firm private.

John Calamos
Calamos Asset Management
The agreement in principle, which has been approved by an internal special committee, states that they will acquire all outstanding shares of Class A common stock that they don't currently own for $8.25 per share in cash. After the tender offer closes, any remaining shares will be acquired in a second-step merger at the same cash price.

Acquisition of the outstanding shares will commence immediately, though the time frame for completing the transaction was not specified.

Calamos Asset Management's (NASDAQ: CLMS) stock was valued at $7.36 per share as of market close on Friday. So, today's offer reflects a 12 percent acquisition premium.

With 20.53 million shares outstanding, at the offer price, CAM's implied market cap is $169.4 million. At close of market on Monday, the share price of CAM's stock had risen to $8.39 per share, bringing the market cap to $172.2 million. Insiders own 13.45 percent of the company, so, at most, Koudounis and Calamos need to come up with just shy of $150 million to finance the transaction.

Koudounis, 51, and Calamos, 75, first expressed interest in going private back in October, and the board of directors subsequently formed an independent special committee to evaluate the transaction. The committee unanimously concluded that the move "would be fair and in the best interests of the Company's shareholders."

Koudounis says that it will allow the firm to operate based on long-term vision, without the distraction of meeting short-term metrics.

"Being a fully private company—consistent with 95% of asset managers today—will allow us to manage the business with the same long-term view that we apply to our investment approach," states Koudounis.

As of the end of September, Calamos Partners owns all of Calamos Asset Management's outstanding Class B common stock. This represents 97.4 percent of the combined voting power of all classes of CAM's voting stock. Calamos Partners is directly and indirectly owned entirely by Mr. Calamos, other Calamos family members, and Koudounis. Calamos Asset Management owns 22.2 percent of Calamos Investments, and the remainder is owned by Calamos Partners. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. MFDF webinar - ESG, Proxy Voting and Engagement — Where DOL and SEC Regulation has Been and Where it May be Going, February 25
  2. IDC Foundations for Fund Directors, Mar 1-2
  3. MFDF webinar - Board Oversight of ETFs, March 3
  4. FinReg Outlook 2021, March 10
  5. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  6. Irish Funds North American Digital Seminar, March 11
  7. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  8. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  9. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  10. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  11. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  12. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  13. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  14. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  15. ETF.com Awards 2020, April 20
  16. The 31st Sub-Advised Funds Forum, Apr 20-21
  17. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  18. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  19. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  20. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  21. ICI 2021 General Membership Meeting - Day 1, May 6
  22. ICI 2021 General Membership Meeting - Day 2, May 13
  23. 2021 FINRA Annual Conference, May 18-20
  24. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  25. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  26. Irish Funds Online Annual Global Funds Conference 2021, May 19-20

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use