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Wednesday, April 23, 2008|
Seligman is Said to be on the Block Again
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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